I don't think you're going to find a cheap single card that will run 3 monitors simultaneously whatever you do (as far as I can tell from the specs of the Radeon 4350/4550/46x0 they can only drive two independant monitors), so simply replacing the VGA monitor with a digital one is unlikely to be the way to go! Similarly, I'm not aware of any mobos which support 3 simultaneous monitors, so you oculd potentially be looking at a complete rebuild if you start thinking along those lines!
The most likely cheap solution is to buy a low-cost GeForce 7 series card (
ebuyer have a selection), stick it into your computer and play with the settings to see if you can enable the on-board graphics and the card at the same time (I'd be surprised if you couldn't,
tbh). That way you can run one VGA monitor off your mobo, one off the discreet card, and still use your HDMI to the TV (although why you'd want to do that is beyond me, frankly
). You may be able ot pick up something on ebay - if that's the way you want to go try to avoid paying much over a fiver: that way it's not such a huge loss if it doesn't work!
EDIT: following further research, I found this in the nvidia knowledgebase:
Which strongly suggests that there *is* a way to enable both on-board and discreet graphics...