Yeah, PCIe is backwards compatible like that - a PCIe 3.0 x16 card will run at PCIe 2.0 x16; the bandwidth is the same (roughly) as PCIe 3.0 x8.
The bigger trouble is that the P5B is an LGA775 board and there aren't a lot of LGA775 CPUs capable of running a modern card anywhere near to their potential. You are rather likely to be bottlenecked unless you're going for a relatively low end GPU.