Yeah, roughly equal, if you extrapolate the performance from these:
http://www.cpubenchmark.net/cpu.php?cpu=Intel+Pentium+4+3.60GHz
http://www.cpubenchmark.net/cpu.php?cpu=Intel+Celeron+420+%40+1.60GHz
to 5.0Ghz and 3.0Ghz, they're roughly both 600-610 in passmark's scoring. That's assuming you can split your workload up to utilize hyperthreading though.
They'll trade blows on various tasks, but the Celeron 420 should win most of the time, while the P4 will probably feel more responsive when loading the CPU because of hyperthreading.
For 64bit, or SIMD tasks, I'd favor the 420, but there are some things where the pure GHz and 4x larger cache will give the P4 an advantage, but not many.