What converter are you using Lunarmist? ACR, C1, Bibble? I can't recall if I've heard you mention it in any of your other posts.
It's the interpolation that is the most CPU intensive part of the conversion. ACR's converter is very fast, so if speed is a big concern you may want to use it, but I don't think it's multithreaded. On a dual CPU machine like a G5 the Bibble or C1 converters should run faster. I haven't seen any tests lately on this, but I'm pretty sure I'm not out of date. I lurk around a fair number of places where I would have heard about any significant changes.
Personally, a screening process is probably the best way to speed the process up, although it requires attention. Both Bibble and C1 offer interfaces that streamline such a process
tremendously, and could save you a lot of time. They will process in the background as you add the standouts to the queues or make any changes you need to, and both are very fast at generating good preview images. For streamlining a workflow involving a lot of shots, one or the other is indispensible IMO.
Personally, I'm a Bibble fan. Eric Hyman, its author, has done tremendous work with that piece of software, and he spends a great deal of time interacting with photographers both to recieve feedback (which he listens to very carefully) and to help out his users. Tech support is excellent, but the most impressive thing is that I've never seen a piece of software change so responsively to the needs of its users in such a short time. His attitude is rare in software development --the user's complaint is always legitimate. When he says the software is designed for photographers after careful consideration for their needs, it's not marketing -- I've seen the process in action in the Bibble forums, or over at Rob Galbraith's. Even if it cost as much as C1, I'd take it instead any day of the week.
In terms of interface, some people find Capture One more intuitive out of the box, although I had no preference, having little experience with what to expect, but Bibble is certainly more customizable, which, when you're streamlining a workflow, is crucial. The latest versions of both pieces of software support your 1DsMkII, so that isn't an issue.
Bibble 4.0
Capture One 3.6