Agreed, no bios update would be necessary because the chip is still a 3.2Ghz/800FSB clock.
On the 64-bit front, am I the only one concerned about the availability of software for that platform?
Apparently the folks at powernotebooks hooked the webmaster of HardOCP up with a 5680 for a trip to one of the major H/W conventions. There is a picture up of the 5680 on HardOCP.com and he promises a full review of the unit in the near...
Previous posts indicate that you DO NOT need to upgrade the CPU and RAM. Just keep in mind that you'll be running at 533 instead of 800 on the Front Side Bus.
Your recommendation would require a complete redesign of the case and motherboard.
Please keep in mind that all that "free" space on the right side is used for ventilation on the 88xx series.