No, you would see almost no difference according to
Tom's PCIe 2.0 scaling review.
As the 9800GX2 is still the most powerful single card out for the next month, you should have nothing to worry about.
Here are some of the results from the test nominalized to PCIe 2.0 16x being 100% performance.
As PCIe 1.1 @ 16x has the same amount of bandwidth as the PCIe 2.0 8x shown in this review, it should give you a good indicator of required bandwidth. Also, keep in mind that the 4870 should not be passing as much data across the bus as the GX2 and should show slightly better scaling.