Well, I finally took the plunge. Two days ago, I wiped out my work machine that was running Windows XP SP2 and installed my MSDN copy of Windows Server 2003 Standard Edition as a workstation.
I installed Visual Studio .NET 2003 (etc., etc.) as Admin, added my user account to the "VS Developers" and "Debugger Users" groups, and that was it for being admin.
Then, I created a Remote Desktop shortcut on my user desktop to point to the Administrator account on my local machine. (It's a great feature in Windows Server 2003, being able to RDC onto your own machine as a different user.)
Being a limited user has taken some getting used to. We use GroupWise 5.5 at work, which doesn't work very well for people who aren't admins on their own machine, so I've been using the Web Access client instead. (Hopefully, the GroupWise 6.5 client works OK in a limited permission environment.)