Perhaps...... but I'd hardly consider PHP4 a "new release". Since all new releases of PHP support all the functionality of the previous releases there's no time involved with support. The bleeding edge CVS builds may cause problems, but the stable releases are termed stable because they are.
As for installing..... it's not hard at all. Just read the installation section of the manual for Linux. Once you've got that running, grab the Zend Optimizer from zend.com and benchmark your existing scripts on both boxes (see the microtime() function in the manual for a simple benchmark script).
The numbers will have your boss quickly wondering why he's still running a version which is no longer being developed...... there's good reason why PHP4 was and is a major step forward.
-geoff