OK, this might not be as bad as you think. Bear with me a sec while I describe what I'm doing. I have a test project I created when I first got LP8 that contains 18 automated Space Designers and 4 Sculptures. It pushes the cpu pretty hard, but it will play the project through. On my meter I'm getting 1 core in the red and the other core at about 75%. I also have a utility in my toolbar that is called Cee Pee You, that measures the strain of your whole system on each core in percentages, and it says around 75% to 85% for each core. (
http://www.unsanity.com/ceepeeyou)
_HERE'S THE IMPORTANT PART_: when I look in the Activity Monitor CPU percentage, it says between 145 and 160 percent! This, of course, is what you'd get if you added up the percentages (75-85) of EACH CORE. I think it registers each core usage as a scale from 1 to 100%, and therefore if you have 2 cores the meter will go to 200% before you've maxed out your CPU power. So when looking at the Activity Monitor, and it says 98%, it saying 98 out of a scale of 200, which would be about 50% usage.
TRY THIS: Get the last Logic Install disk out, and copy some of the demo projects to your hard drive. Open those up, unfreeze all the tracks, and see how they play. They probably will drop out the first time you play them, which is a common problem with logic over all different systems so don't be alarmed, but once you get past the first 'core overload' message, play it again, and they should play fine. Some of them are pretty hefty and will push both cores a lot, but all should play on your system. See what kind of load they put on your system, and pay attention to your meters and to the Activity Meter. Most importantly, even if they drive them into the red, if it continues playing with no dropouts, you're OK.
Hope this helps!