Older celerons and pentiums used the Netburst architecture which were great for eating power and generating heat, but not so much for performance.
That celeron 1.6 is conroe architecture, which makes it considerably more efficient than the 341. A bench here shows that the newer celery 420 is roughly equivalent to the old Pentium 4 521, which was the 2.8ghz variety, and would be considerably faster than your celery 341.
ixbtlabs.com/articles2/cpu/intel-celeron-420-440-page1.html
So no, I think you're actually downgrading with that chip -- and doubling your energy usage (in terms of processor consumption) and significantly adding more heat. (420 has TDP of 35W, 341 has TDP of 84W)
