Sorry but that TV tuner is a software based encoder which means that the CPU must perform the encoding rather than the tuner. There are other TV tuners that include hardware encoders. Your CPU will likely not be sufficient for this to run smoothly.
Your video card is probably sufficient however.
"Media Center seems to have become my life"
Media Server: Core2Duo E7400, 4GB DDR3, RadeonHD 4670, 500GB (OS), 750GB (DVD Storage), 1.5TB (DVR Storage)
Xbox 360 to 47" Philips LCD 1080P HDTV, DMA2200 in bedroom to 32" Vizio LCD 720P HDTV