SATA-to-USB, IDE-to-USB and "whatever"-to-Firewire bridges are ALWAYS going to be a bottleneck. They have to translate requests for data and pass them to the drive, then translate the drive's data and pass it through the link. That's a LOT of translation. While Firewire will generally be faster on a Mac (FW drivers tend to be better on Macs, USB drivers tend to be better with Windows), there's only so much that a fast link can do for you.
Simon's recommendation to have an Apple Authorized Service Provider install your new drive for you is a VERY GOOD ONE. This preserves your warranty, gets the job done fairly quickly, and gives you the end product you want: a fast-booting iMac with plenty of drive capacity. A local AASP charges about $50 to put a drive in a first-generation MacBook Pro; any aluminum iMac should be at most about the same price.