In all honesty, you could probably sell the 1,1, and put that money toward a simple Windows gaming machine if you really want one. Not much point keeping a Mac around for only Windows gaming, considering you can get better gaming performance from a small windows machine around the same value.
This.
You might be able to get $700 to $800 for that machine (don't quote me on that). A friend sold a 1,1 close to $1100 a while ago, but it was loaded with 16GB of RAM and 2TB of disk space (4*500GB SATA drives, they were higher-end WD enterprise units). It had the stock ATI X1900, dual Superdrives, Airport and BT.
For that much money, you could buy a killer gaming rig for Windows that would blow the Mac Pro out of the water. The only real downside is that it's not going to look as pretty as the Mac Pro externally, and it's probably going to be a bit louder too (though that X1900 fan is kinda loud when it spools up).
If you stick with the Mac Pro, it's going to be a pain in the ass to work with- apart from the limitations you mentioned. If you stick a Windows card in there and somehow get power to it, you're not going to have the EFI boot screens- which means you won't be able to easily tell the machine to boot off a DVD and you won't be able to see anything before the GPU drivers are brought up in Windows.
This alone makes the machine more of a hassle then it's worth keeping. Throw in the fact that a good portion of the Mac Pro hardware requires oddball or obscure drivers (some of which aren't really supported under x64, and will give you issues)- and I honestly can't see why you would want to keep it.
Sell it and buy a Windows computer. That way you'll be able to play -all- the new games without question, and things will work smoothly. I'd just recommend that you decide soon, because with 10.8 around the corner (and the fact that the 1,1 doesn't officially support 10.8)- whatever you can get for it today might be significantly less once 10.8 hits.
-SC