FYI: The 3.0E Pentium is a Prescott (also 1MB of L2) and not a Northwood (512K of L2). The Northwoods are designated 'C'. I hope you have lots of cooling if you are, indeed, getting an 'E'.
Honestly, I would spend the $88 on a SB Audigy 2 ZS card for that. Onboard sound will always incur more CPU overhead than a dedicated sound card will.
Between the Live! and onboard, it is a toss up. Although the Live! has been around longer (does not make it better, just older), it has very poor driver support compared to the Audigy line.