Forget the MS hype, MS Windows servers just can't juggle two big programs like Exchange and GP at once. Sure, you can have your backup program, antivirus software, and Exchange. Or your backup program, antivirus software, and GP. Just not both on the same server, no matter how brand new and hot stuff it is. Keep them separate and you'll have fewer BSOD's to hassle with.
I'd NEVER run any mission critical program on the same server that's running Exchange or IIS, (or whatevertheheck it's called now.)
If God forbid, you are currently running Exchange and GP on the same server, get the new server for GP ASAP. Include in the quote more RAM for the current server that will run Exchange only.
You'll find that even without the RAM boost, Exchange will run faster, now that it doesn't have to compete for processing/bus/nic time with GP. And if you can goose the RAM on the current server, so much the better for Exchange. It's better to have the mission critical GP on the hot stuff server and far, far away from Exchange.
As far as the specs, if you can get it all for the new GP server, go for it. One can never be too rich, too thin, have too much RAM or a high enough clock speed. I also agree with going for a Dell server and using the dual nics.