You know.. I've had my MBP CD for a few days now, and I know tons of people have said it gets too hot, but... I was watching a dvd in a window, while editing things in photoshop and moving them into illustrator while running a few other programs and downloading in the background and my computer still was really not that hot at all.. I was immensely impressed.
Granted I'm comparing this to my 800mhz TiBook which you could fry eggs and bacon on most of the time, but still I dont' find it that bad. (and I didn't install any extra fan control systems yet either)
I dunno. Guess it differs a bit from computer to computer.
Either way, IF you can afford it, I would go with the refurb C2D since, as everyone is saying, it is newer and some kinks have been worked out. (although I have yet to notice any of the kinks some people report with mine) but definitely upgrade the ram, and... actually as you are talking about video and graphics and such, those can be big files, and the extra 40 gig of harddrive, while maybe not important to some, as a design major myself (not so much video though) I would greatly appreciate any extra space to store files and keep them with me as opposed to putting a lot of stuff on my external all the time.
However, If the extra price is a crunch for you, then the cd will be just fine for you and you will love it no matter what... and hey, you can always upgrade your computer in 6-12 months anyway to the newest tech and maybe by then the LCDs will be in a second go around of screens. :-D and oyu can sell the other one. Upgrading from mac to mac is rediculousy easy now, so that is NOTHING to worry about.
Hope you love your computer as much as I love mine