Regardless of speed PHP4 has now got SOOOOO many security concerns you'll be barking mad to use it for a new project.
PHP 4 is 4 years past it's end of life support. This means that if some major security hole or bug is discovered, it will not be fixed. PHP 5 is superior in just about every way. There's no reason to use php 4 at this point. If you have some legacy app with depreciated functions, it shouldn't be a huge amount of work converting to current functions.