That's exactly what I'm planing

I did a spreadsheet comparing total system cost to render speed (basically frames per hour per pound purchase prices) for various options. I've always had this belief that the best cpu in performance/£ isn't always the best component because it's only a part of the whole system...and indeed and for £300 I can do exactly the sort of rig you suggest - little asus barebone boxes, Q6600's, 2gb and a small SATA drive. I'm looking at the various asus boxes carefully as I used Win XP 64 and would like the same OS on the nodes for rendering consistency - and if possible, I'd like to do what I've done on my desktop rig which is overclock the 2.4 gig Q6600 to 3 gig - 25% extra free, and it's been 100% stable on my desktop rig
I literally, set the fsb from 266 to 300 by accident when I built it, so it was at 2.7 all the time before I noticed - and seeing as 3 gig is the fastest quadchip they'll sell you, all be it at 3x the £150 price of the Q6600, I thought it was worth a stab, so I set the FSB to 333 and it's been 100% perfectly stable ever since - even when rendering for 3 days straight over Christmas. 3ds Max is the only thing I can give it to 'fill' all four cores

However - I don't really need a farm just yet - so I'm going to hold off as long as I can, and then maybe sort something out in a few months time. For £1k today, I could have 12 cores - and technically quadrouple the rendering performance of the shed.
I'm also looking at ISIS again on my Macbook. Last time around I gave up before I even got any app working. Last night I got vicar2isis working for HRSC dem's - but in trying to shortcut the data rsync, I'd missed some template it needed so I've got a day of that to get thru yet before I can try that, and I'll try MOLA thru it as well.
Doug