Best RAID settings for Debian Server? Help!! (1+0 or 5 or NAS)

I am installing a Debian Server on a:

HP Proliant DL380 G4
Dual CPU's 3.20 ghz / 800 mhz / 1MB L2
5120 MB RAM
6 hard disks on HP Smart Array 6i controller (36.4 GB Ultra320 SCSI HD each)

I will be using this server to capture VHS video, encode, compress, cut, edit, make DVD's, rip DVD's, re-encode some more, generally convert large uncompressed files as routine.

I have options:

#1) RAID set to RAID 5 (5 discs) with one spare (6th disk)
I liked this option, because of the spare. My disks are getting older, then are going to brake down, and I really need redundancy. However, I thought the parity processing would really slow down the encoding process. !!!

#2) RAID 1+0
I thought this would be faster, but I can either do 4 disks mirrored (leaves me really two disks size of 36.4GB x2)... Then I would have 1 spare, and one SCSI disk not being used sitting in the server. (some what of a waste, unless I need a quick replacement).

With RAID 5 I have 5 disks @ 36.4GB each and 1 spare
OR
With RAID 1+0 I have 2 disks @ 36.4GB each but I have two spares and mirroring.

I am also considering purchasing a NAS.

Given these scenarios (RAID 5...RAID 1+0....either 5 or 1+0 using a NAS)

What is the best configuration for my needs?
Thank you.