It won't use full power, but the load will increase clocks and voltage to the tune where it will use a fair whack of power. I really wouldn't bother. Sell the 480gtx, buy a low end newer card, win win.
I'm not to sure on using things like AB with Nvidia cards or how overclocking tools would work with two cards of two generations. You could attempt to set the 480gtx clock speeds and voltage as low as it will go and still be stable as that would almost certainly reduce power and physx certainly doesn't need a 480gtx at full pelt to run.
But seriously i would suggest selling the 480gtx, hell, sell the 480gtx, AND 580gtx, buy whatever the best value current Nvidia card is, a 760/770gtx, to be honest I have no idea what would be a upgrade to a 580gtx in the current Nvidia series, as in what would be at least a bit faster than it, a 760gtx or would it have to be a 770gtx.
A faster newer card would provide even with physx done on the same card more performance anyway. Ultimately I wouldn't use a what is big and power hungry gpu just for physx.
Don't forget that the 480gtx will use a fairly significant amount of power just in idle, according to Anandtech's 580gtx review which suggests the 580 uses 30-35W at idle(it was at that time AMD had significantly dropped idle power and it was the 680 that Nvidia really dropped theirs) and the 480 uses a bit over 50W. I wouldn't be surprised if at higher voltage, higher clocks and a small load you're talking at least 150W. A new and lower end card would be using probably 15W idle and depending on what you got, significantly less at load.
Having a quick look, there isn't anything low end in the 7xx series, a 650 and 650ti are very different cards with crap naming. One is a 64W tdp card, the other 110W on different cores, the much slower half the shaders card is £83 on ocuk while the twice as fast twice the power faster card is only £100. Without full load it won't use that much more power anyway but at idle will save you noise, heat and money, not loads but some.