Not worth it IMO. The bus to the external PCI-E enclosure will be a major bottleneck for any game requiring any faster card you'd be using it for, the power requirements will very likely be a pain and last time I checked the cost for that kind of...
The best option if on a tight budget would be just to get a GPU appropriate for the CPU. Although Ivy Bridge is pretty limited in IPC in this day and age, investing in convoluted PCIe adapters is just asking for headaches.