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My experience is that running 2 displays off one Vid card has a little bit of a performance hit... not that much. The larger problems is that with 2 displays (especially displays like the 2405fpw) you really want to be able to do two separate things on the screens simultaneously.. like watching a dvd/xvid/dtv on one and gaming on another etc. You can really only do that effectively without running into problems with a second graphics card.
I've been running 2 vid cards and 2 displays for several years now.. you just go out and pick up a cheapy PCI card like a fx5200 or ati9200se for next to nothing and use it to run the non-gaming display.
Running things on either my 3 screens ( 2 on agp 1 on pci ) doesnt really effect performance. Though the pci card is a horrid 8 meg that cant do much anyway. But my x850 does fine.