Won't really matter for you as you're running a very high end motherboard, and with 3 GPUs installed they run at 16/8/8. An 8x PCIe 3.0 is as fast as a 16x PCIe 2.0.
I'm on older hardware, before PCIe 3.0 was released. So I'm running 5850s at 8x/8x PCIe 2.0. That isn't really the issue, though.
When I plug in a 3rd card for PhysX, my 3rd PCIe slot runs through the south bridge and it bottlenecks to data stream. I've found in benchmarks like 3DMark Vantage my score goes down 2k or so just by having the 3rd card plugged in.
So, it really depends on his setup.
But like you said, PhysX will run fine on the single GPU anyway. Personally I'd rather extract some money out of the 470 or maybe put it in a media rig for some TV gaming in the living room.