rustynails

Logic Express Vs. Tracktion 2

newbie to computer recording here. i've been playing around in garageband and am enjoying it. i can get Logic Express at an educational discount, which is $150.00, or i've heard great things about Tracktion 2. same price, and with a gift cert. i can get it for $100.
anyone with experience with these? pros and cons of having one or the other?
i've got a G4 1 ghz, plenty of ram, which is pushing it these days. i know i can download demo versions, but i'd like to hear some opinions first.
thanks

Eq In Garageband

i've recorded some guitar into garageband via presonus firebox and j-station,,,also some voice.
when mixing down, is there a way to eq in garageband with bass, treble, and mids, or is it basically only volume and pan.
thanks

G4 Ighz Enough?

i'm new to recording on the computer. i have a g4 sawtooth with a 1 ghz sonnet cpu and plenty of ram (1.6). i just bought a presonus firebox and am snorkling around in Garageband, which i will either upgrade to Logic Express or Tracktion2 later. i'm wondering if i have enough machine to do several tracks without bogging down, or is it time to buy a new machine.
don't want to if i don't have to.
i also have a sata drive hooked up with a pci controller card that i run all my main computer stuff on. i've thought of buying another sata drive and running only the music on it. to do this would i need to install OS X on this drive and boot up from it, or would i just use this drive for back-up? thanks.