It depends a lot on the applications you will be running. For non-smp aware applications, the 3400+ will be a good bit faster, for SMP aware applications, or cpu intensive multitasking, the 805 will be faster, despite is lower performance/core. The 8xx series pentium-d's are pretty hot running, but at stock speeds it should be ok. A64's and X2's run a good bit cooler than Intel netburst based CPU's.
I don't think the P5P800-vm supports the 805 by the way..only the P5P800-SE. Despite being LGA775, there are a lot of LGA775 motherboards that don't support all LGA775 CPU's.