While it is always desirable to place different functions on separate servers, it isn't always economically feasible (as is apparently your case).
There are several factors that should be considered:
What else is the PDC being used for?
Howmany users do you support?
How much do these users rely on email?
What is the daily volume of email?
What is the configuration of the server?
Look at from the standpoint of how Microsoft Small Business Server (which bundles not only Windows Server, but also Exchange, SQL and Proxy (or ISA depending on the version)) works on a single machine. All these components MUST be installed on the same computer and will support up to 50 users.
The bottom line here is that unless you are trying to support a LARGE number of users (several hundred or more), or have a marginal server (only exceeds the recommended minimum hardware by a slim margin), you probably won't experience any performance hits large enought to be noticed by placingExchange on your PDC.