I'm no expert on clusters, hence my somewhat vague reply.
If Mathematica is something that can take great advantage of clusters, on your cluster it could perform theoretically as well if it was running as a 10-core P4 3GHz (if such a beast existed). In terms of pure computing power, they would be roughly between an i5 750 and an i7 860. Yes - "an", meaning just one...amazing how far we've come. My advice would be to see how well the cluster does at solving problems as you describe, but my gut feeling still tells me you'd be better selling them all to purchase a modern machine - if they all went for $150, that's $1500, which could quite possibly net you two i7 machines (assuming you want these for just number crunching, no fancy graphics cards/storage capabilities etc) - a vast increase in computing power, less power draw, basically win/win.
Just my £0.02, anyway.