My 2¢...
I wouldn't be without FK constraints. I have never found the overhead to be much of a burden, and it keeps you from having to write a lot of RI (referential integrity) code in your SPs. Trust me, the database can enforce the RI with less overhead via constraints than you can with custom code in SPs.
Furthermore, though from an application standpoint your database will be accessed through SPs, I doubt that is the case for administration. DBAs will use Ent Mgr and Query Analyzer, etc. and you will save yourself tons of headaches by having the constraints in place. And, if you are the DBA, you will be GLAD you have them there.
Lastly, might I lobby for ErWin. Find a copy...go to Ebay...ask on newsgroups, but get a legal copy of the software, even if an older version. The last couple of versions have supported SQL 2K, SQL 7, etc. and haven't changed that much. With ErWin you diagram and IT generates all the schema, with options for including FK constraints, FK indexes, etc.
Regards,
TR