The GTX 470 is approximately 25% faster than the GTX 280. It also tends to overclock quite well so the advantage will be more significant if you do so. http://www.techpowerup.com/reviews/ASUS/GeForce_GTX_470/30.html
http://www.techpowerup.com/reviews/ASUS/GeForce_GTX_470/33.html
As long as he already has it might as well use the 9400GT for physx, no reason not to. It's not like it uses much power.
IF you are asking if you should specifically buy a 9400GT for physx then no, I wouldn't bother.
The 470 will provide enough noise to make the 9400GT sound non existing.. That means having both of them or just the 470 alone, noise wise its not gonna make any difference..