Thanks again for the helpful responses!
I left the E5-1630 machine running a while, and then came back to check the power consumption (I wondered if before Windows may have been doing some post-startup 'stuff'). Anyway it had certainly stabilized to about 80-85w at the PDU, with the CPU at idle, 2 SSD's powered up (no HDD, I was mistaken), and the Nvidia Quadro 4000 running at idle.
I installed Open Hardware Monitor, and CPU-Z, and inspected some of the more detailed power stats, at idle and then at 100% with a CPU-Z stress test running. The strange thing is, at idle, OHM was only reporting about 8w for the CPU Package, which seems quite low - where is all that 80w being consumed?
I did notice (only remembered to take a photo when the stress test was running, not at idle), that OHM seems to fail to report any value for CPU Cores - so I do wonder if this could be what is consuming the power, and OHM is just failing to read properly?

** Notice the 0.0W for CPU Cores **
I think the system was drawing about 150w measured at the PDU when under full load, from memory.
You are probably better off going with a more powerful desktop platform like an Intel Core Ultra 5 225 or Ryzen 5 9600X. Comparison:
Intel Xeon E5-1630 v3 vs i3-N305 vs Xeon E5-2630L v3 vs Ultra 5 225 vs AMD Ryzen 5 9600X [cpubenchmark.net] by PassMark Software
Then you get vastly higher single threaded performance and dual channel memory and a PCI-E slot or two that could run a GPU, faster network adapter, etc.
The other thing to consider, in addition to
@bp2008 comment about RAM prices, is that I got this system free. Whilst the above mentioned desktop-style systems would likely be better, by the time I have paid for a system like this, vs using this surplus server I got for nothing, it may be worth using the less efficient system...
And if I could run some other VM's on the same hardware in addition to BI, I may be able to make the system pay for itself in other ways. Including replacing some of the other bare metal systems I have running at the moment, somewhat cancelling out the increased power cost.