LCD displays are getting better, some of the latest ones are actually quite good at games as they have quicker response times. I would still prefer to put the extra cost into a larger CRT monitor 19"+.

Northwood P4's are the best to get. I have a 1.6a clocked at 2.5Ghz rock solid stable.
Most 2-2.4Ghz are doing 2.6Ghz +.

Get some decent fast ram and a motherboard that can handle either DDR400 or Dual Channel DDR, and your games will fly-literally.

SimJen