Upgradeable GPU and video memory by themselves? That seems a bit pointless, because GPUs probably wouldn't stay on the same socket or whatever for very long, and you also have to accommodate DDR3 slots on a board (the chips are currently just soldered on the board). Additionally, you'd have to upgrade your motherboard every time a new architecture is released. It would simply be more practical to drop in a new card that uses the same interface as your old one.
As for comparing an old CPU dedicated to video performance versus, say, an equivalently clocked 6800 series, the 6800 will win pretty much everything because the architecture is simply better suited to these applications. The CPU would probably have to execute slow software rendering too, since I don't think it would have hardware support for DirectX video instructions.