Do that, and make sure the system has 4GB+ RAM, and 2 monitors at high resolution, and your hardware will feel brand new to the guys on your team.
I did this a couple years ago as one of my first acts after being promoted, and it worked great. I paid a bit more to get the drives that came with an upgrade kit (that is, an enclosure and imaging software). Gave them to each dev to take care of themselves.
I didn't have to wait on and work with the bureaucratic IT department, and a dozen SSDs was cheap enough I could put it on my card without needing CFO approval.
You don't need "The Best" hardware. In fact, it reminds me of the saying that "People buy horsepower, but they drive torque."
What matters to developers isn't how many FLOPs you can do, but how quickly can you load your VMs and start Eclipse and grep your local filesystem.