But you can do all the power-saving gymnastics on a newer system, too, and it starts with a lower power usage. Up until recently, power supply efficiency wasn't rated, and now they are typically 80%, but only if loaded to at least 15-20% of total capacity. Old ones are probably 50%.
(I think your numbers are a little high. Recent disks are 5-10W each, and saving 40W from underclocking seems generous. I have an E5200 dual-core server that only takes 60W now, and it's running a two-disk mirror [actually, I should shut it down and check that; that may have been before adding the second drive].)
Anyway: I like saving and reusing old hardware, too. Just check the power usage. The "Killawatt" meters are cheap.