I just got back a little while ago. I took a look at this, here is what I came up with. Crashman et al., feel free to let me know what you think.
First, OP just use the dual Molex to PCI and plug them both in if you have the Molex connectors available. Done.
The stock card draws about 105W. I don't know the split but assume it draws the full 66W of 12V from the motherboard. This leaves 39W or 39/12= 3.25 amps from the PCIe power connector. I looked at a dual 4 pin Molex to PCIe power adapter and the wire is 18 AWG (guage). Lets say that 18ga can handle 10A at that short length with room to spare. That leaves us with 6.75A or 200% headroom on a conservative 10A max. I don't think the wire will be catching on fire. As I said earlier, I believe the Molex connectors are split in order to put them on separate rails in order to not trigger the current limiter on any single rail. Since the OP has a dual rail and one rail is dedicated to the mobo, then he only has one rail left so there are no rails to split.
@OP, I looked at your setup and you require a 290W PSU at stock settings, so you are tight but you should be OK. If you OC you may find that you run into power problems. If so, and you figure it out before the PSU grenades, you might want to consider the
Silencer 470 Dell Upgrade Power Supply as an upgrade.
Edit: I also removed an x1950pro and confirmed that the +12V are both common and all the GND are all common.