Yes it will. And it will blow the socks off of the P4 after you OC it. Give us a budget and post in the Homebuilt Systems section adn we'll put something nice together for you.
Back to your origional question, any modern CPU will meet that performance requriement. I'd start by looking at the e5200, if you have a little more money, maybe the Athlon II 250, especially if you just need an IGP. We'd need to know what appliactions/games you're runing to give you good advice, though.
If it's purely a single threaded application then a Core 2 duo at 2.3GHz would preform about the same. Basically the Core 2 duos only need to run at 2/3 the speed of a P4 to get the same performance. Of course, the newer 45nm CPUs have a better IPC and thus a slightly lower speed would suffice. If the application takes advantage of multi-threading at all then even a Core 2 duo slightly below 2.0 GHz may do.
I say just go with an E5200. On the AMD side just about any dual core CPU still listed on new egg would do.
Basically, the slowest C2D is still as fast or faster than the fastest P4.
Did you have a budged you are working with?
If you post what you need and what you have to spend we can help you come up with some options.