My honest-to-god opinion? No. Don't even think about it.
$300 for a P4 2.4GHz? Top up $100 and you can get a very nice
modern dual-core.
$500 for a Pentium Dual Core E5200 and 9400GT?
For that cash, get a faster AMD Athlon X2 CPU and higher end GPU
+ more RAM.
As for Monitors, an Acer monitor will work on a HP machine, A
Viewsonic monitor will work on a Gateway PC. As long as you have
the cable and connectors required, yes, they will work.