new board and cpu...
at this point there is no value in a 775 machine, unless u already have the CPU board and Ram.
A 775 Machine vs a 1155 machine... the 1155 will give u noticable savings on the power saving side in a span of less then 4 months.
Meaning... overall the inital budget maybe a little more... like 30-40 dollars more... however the end savings will be greater due to the much more evolved sleep / power saving states the cpu has evolved from.
Also assumption that u will buy the cpu for roughly 30-60 dollars... you could get a LGA1155 pentium for that price... a motherboard for about 50-70... and ram for 40 and jump on a completely new platform.
Finally the board being that old... i dont expect it to survive much longer, as motherboard and ram is the first 2 piece of hardware to give out in a PC system.
E4500 -> E8400 (in a system that doesn't overclock) would not be a noticeable difference? I put SSD in there already, which helped.
Issue is the board and bios may not accept it.
Ive done that to dell's, and failed horribly, because the bios didnt accept the newer gen CPU's.
I would honestly GUT the HP, and rebuild a new PC at this point.
I have been in your shoes trying to fiddle arround with lga775 hardware... and well... its only a temporary solution to a issue your trying to push aside.... and a very temporary one at it too.