You first say you are more concerned about CPU power but then you are entertaining P4's and other low end specs.
File count doesn't matter on a VPS anymore than on a dedicated, so theres no reason why you couldn't get a VPS.
cPanel is going to take up between $25-$35/month of your budget, so you aren't going to find anything if you try to stick with cPanel that is really worth it.
I would consider using a different control panel, so you can make sure that the majority of the amount you pay per month is going towards the server and not some license cost.
Here's a nice dual core server that we can offer including Interworx control panel. This allows you to put the bulk of the money you pay towards the actual server.
Intel Core2Duo E2200 Dual Core - 2.20Ghz, 1MB Cache, 800FSB
2GB DDR2-667 RAM
250GB SATA2 7,200RPM HDD
Dual Gigabit NICs
1U Supermicro Server - 2x HDD Bays
3000GB Monthly Public Transfer
Unlimited Monthly Private Transfer
10Mbps Public Network Bandwidth
10Mbps Private Network Bandwidth
/29 IP Allocation - 5 Usable IPs
Private VLAN
Remote Reboot
Server Monitoring - PING Response
Real-Time Bandwidth Monitoring
$89/month, $0 setup fee
Contact me and I may be able to get it down a little lower to fit into your budget.
[email protected] or myself personally @
[email protected]