I have never had a T40, but only a T42 (see signature) and a T42p (2373-Q1U), so I can't really recommend the T42 above the T40 - but
I can surely, highly recommend the T42! My T42 has about three years of operation today - and never had one single problem.
Warranty: As has already been said, if you have option of getting an unit with remaining warranty, that's a good idea - you can then further extend the warranty, if you wish. You may find more information about how to extend the warranty on this forum.
Display: You haven't given many specifications about the T40 vs. the T42 you are considering, but in the case you have the option of getting a T42 with a 15" SXGA+ display ... do that! The reason for strongly suggesting this is that 15" T42's w/SXGA+ will have displays of the so-called FlexView/IPS quality, which gives you a much wider viewing angle compared to e.g. 14.1" models with SXGA+ displays (the 14.1" SXGA+ are not FlexView/IPS). If you have the choice of getting a 14.1" SXGA+ T4x versus a 15" XGA T4x many would probably suggest the 14.1" SXGA+ model, unless you really, really want a big display! The XGA resolution on a 15" display is somewhat poor, if you have first seen particularly a 15" SXGA+ w/FlexView! NB: I'm not saying "poor" in the sense "useless", just "poor" in the sense "not as good as it can get"! If you are on a low budget, and not a display feinschmecker

then XGA will do fine. After all, most 15" T42's sold for business customers are probably XGA's - so if it was really poor, IBM wouldn't have sold so many, would they?
CPU speed etc: Don't be so concerned about "only" getting a 1.5 GHz T42 (if that's what you end up buying); you can always later get a faster CPU, and swap it with the "slow" 1.5 GHz. Much more information about various upgrades to e.g. T40's or T42's can be found here at the forum; see e.g.
New T40 owner, new upgrade race!! (also valid for T42's!) or the thread
T42 Upgrade Possibilities.
Good luck with your new ThinkPad!!
PS: Do you have the
model numbers of the ThinkPad's you are considering (the model numbers such as e.g. 2373-N1G)? If so, you could post them here... having them, it is much easier to see all specifications!
Best regards,
Johan