Be advised that if you plan to use VIOS, you *should* ideally (if you plan to run production systems on the VIOS-clients) plan for two VIOS partitions, and those two already use up 1 processor between them. So a 4way may be on the small side.
However, if you can live with a single point of failure for all your VIOS-clients, then one VIOS partition may be enough: so that would only eat up 0.5 processor, which still leaves 3.5 processor for your VIOS-client partitions.
Of course if you have enough PCI slots and network & disk adapters (which I doubt on a 4way - but it is possible with additional IO-drawers), you can micro-partition without the VIOS overhead. Of course every partition then needs its own disks and adapters, so that option would probably be even costlier to run that the VIOS setup.
Plan on sticking enough memory in the boxes, because there is quite some memory overhead per LPAR, also virtual IO adapters consume extra memory for the Power Hypervisor I believe. There is an LPAR validation tool somewhere on the IBM site which can estimate memory consumption for your p5 boxes. If you can't find the tool, let me know and I'll look it up for you.
HTH,
p5wizard