It all depends what you will be using your computer for.

If you will only be running a couple of audio tracks along with your midi tracks then you can do it OK with what you have- providing you don't go overboard in the plugins department!

If you are wishing to run many more audio tracks with plug ins etc, I'd advise you to upgrade to a faster processor (at least a Pentium111450 and even these are getting 'slow' now!).

I also strongly advise you that if you are serious about using your computer for music, set it up so it is only used for music and nothing else- no games, no spreadsheets or wordprocessing etc. You'll have way less headaches!!!!!!!

Good luck with what you are doing! Bye the way, what are you looking at running in your new studio? Cheers.