There is one issue that I think has been glossed over. Can your application run in a stateless environment (the web)?
When you talk about the database on the back end I don't think it truely matters between Informix and MySQL, unless you need the features that Informix has that MySQL doesn't (Locking, SubQueries, Transactions, Foreign Keys, Stored Proecdures). If you don't need those features then it doesn't matter which one you use, except that MySQL isn't as fast on Insert/Updates as it is on Selects.
Now as for the front end, which you say is currently in VB. Can this front end run in a stateless environment? If it can, can the server handle all of the processing that is going to be needed for all of your clients? Would offloading some of that processing to the client speed things up and make them more stable?
I'm going through something like this myself, and while I'm going to have some PHP access to the data the actual clients that do work will have an application on their desktops (Java) that they will work with. PHP is a great tool and does wonders, but it is a web based tool, and as such it has to deal with the inherent problems of the web (web not internet).