I very much doubt you'd need a ML370 over the ML350, we use ML350s for some really demanding applications without any problems and only generally resort to ML370s in extreme cases (like 8 cores and 32GB of RAM and lots of PCI expansion cards - which I'm fairly sure you don't need).
The limitation in your test will be RAID5 and the P400, the up-rated controllers (p600/p800) make a big difference in some scenarios. RAID5 will do nothing for performance though, particularly on a lower end card...
In fact, dug out from another thread...
[root@localhost ~]# hdparm -t /dev/cciss/c0d1
/dev/cciss/c0d1:
Timing buffered disk reads: 620 MB in 3.00 seconds = 206.38 MB/sec
Now if I can only remember which disks were in there...I'm fairly sure it was 2x 146GB SAS in RAID0 (thought it could have been 4x 146GB in RAID10)