Might as well document the process. There's no turning back now and with the holidays upon us I should have the time.
Here's what I'm starting with. An Intel P4000 chassis with (8) 3.5" hotswaps and (4) additional 3.5" hotswaps added in. Motherboard is CP2600 with dual E5-2670 and 106 GB RAM. That, along with a Lenovo SA120 (that stays off most of the time) and a UPS is enough to keep the spare bedroom warm and wife annoyed all year long - and since I live in Texas, that's usually not much of a problem (the heat problem, not the wife... uh, never mind).
300ish watts it typical
A couple of inside shots to show off my impeccable use of duct tape and bubblegum to keep a system running in tip top shape. That little SF450 PSU was only supposed to be a temporary fix when I had to steal the PSU out of this for a "real" computer. But that thing has turned out to be a beast! The fan only runs about half the time and it gets 80+ gold according to Jonnyguru. I still may swap it out for something actually attached to the chassis!
Fortunately my new motherboard has the ATX and CPU power connectors on the same side of the board as the PSU, so I wont have to extend anything.
New parts are already arriving. I picked up another 8x3.5" SAS cage for cheap on ebay. I plan to stick SSDs in there and get rid of the SA120 leafblower.
Also got the new motherboard. Supermicro X10SRH-CF
SUPERMICRO MBD-X10SRH-CF-O ATX Server Motherboard LGA 2011-3 - Newegg.com. There was an openbox on newegg for $330 that I took a gamble with.
One bad thing about this mobo is the narrow ILM and lack of coolers. Since I'm using a 4U chassis and dont want to hear this thing unless an alarm is going off, I went with the 92mm Noctua
Amazon.com: Noctua i4 CPU Cooler for Intel Xeon CPU_ LGA2011, 1356 and 1366 Platforms NH-U9DXi4: Computers & Accessories The other narrow ILM Noctua that uses 120mm is a little too tall to fit in this chassis so this was really the only good option.
I've also picked up 4x 16 GB DDR4 DIMMs from ebay for about $70 each. (hynix 2133 registered ecc). That should be enough to get things up and running.
CPU is still an open question but I'm looking heavily toward an engineering sample of some type. Just trying to decide on which one will strike the right balance of power, clock speed and core count (and actually work as advertised). 8 cores at 2.5 GHz should be plenty for several years.