Hi Mike,
We don't normally do "benchmarks" of this sort, but I can tell you that I set up a pretty basic (and ugly) VI that does what you want on my machine and didn't have any problems with it. A lot of the work going on here is done by the actual boards, but at the same time, the filtering, FFT, and writing take up more of your system resources. Do a ctl-alt-delete and check out the task manager and sort by CPU and memory. If LabVIEW's numbers are very high, then you probably need some faster equipment.
As an FYI, I did this in LabVIEW 7.1 with a 3.2GHz Pentium 4 and a gig of RAM, so it's obviously much faster and newer than your hardware.
The one last thing you can try doing is optimizing your system for higher performance -- there are many things you can do to get Windows XP to run faster (That we don't officially support). Try googling for Tweak Windows XP and also Windows XP Services. There's lots of stuff that starts up that you don't need to be running, and by shutting down some services, maybe you can save a bit of CPU time and memory. Doing this kinds of stuff helps considerably in my PCs running Windows. Do that at your own risk and always back up your system when doing this though.
But to be honest, your hardware most likely needs to be updated sooner or later, and this could save some headaches on all of the data you're crunching.
mike