If you are seeing CPU queuing on a 2-way, more engines will help. Almost certainly. Fedora can handle any number of CPUs/cores you are likely to purchase.
iowait is a different issue altogether - throwing more workload (from more/faster CPUs) at the environment may (will) exacerbate the problem. Spend some money there as well.
Maybe think about 64-bit and (lots) more memory whilst you're spending the boss' dollars ...