PCIe (1.0) x16 Vid Card

quick answer: yes

the two slots are identical and backwards compatible. the only advanteage that V2.0 has over a 1.0 is that it can send moer power via the motherboard, and supposedly has a higher bus rate. you will not notice any difference between the two.
 
Not supposedly.

they do have higher bandwith the double of v1 there is just very little use for it with our current cards even cards like gtx295 have very little use from it

But on topic, Yeah your set to go
 
may i ask something. what if the one card is used in 1.0 instead of 2.0 , like for example if i use 4670 on 1.0 will its performance be almost half of that on 2.0?
what will be the diff in performance?
 

No. As long as the bandwidth used by a card does not exceed the theoretical bandwitdh of the slot, you wont see any performance losses.
the only advanteage that V2.0 has over a 1.0 is that it can send moer power via the motherboard
Both slots can provide 75 watts through the slot.