you have 3 cores left to do other stuff. Calibre does not use more than 1 core for a single task (eg 1 book converting). It is possible, that a second conversion would use another core.
My core Duo beats my P4 hands down.
You may need to tame your A/V, Indexing settings. Something is getting in the way of Calibre.
BTW My P4 is 32bit and the Core Duo is X64 (calibre)
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