Starting new forums with vbulletin 3.8.7?

[Naix]

I have a spare vbulletin license that can use all versions of vBulletin till today including 4.2
Having played here and there with vBulletin 4 I am not comfortable with some of its front end features. Also people have been telling me that vBulletin 4 uses lot of resources and a dedicated server or vps is required after I reach certain traffic.

Vbulletin 3 however seems light on resources and doesn't seem like it would cause much trouble with good traffic (which I am certainly expecting). I need an opinion from the veterans if it is a good or bad idea from all perspectives, especially that vbulletin 3 has reached EOL. I see a lot of forums that still run on vbulletin 3 flawlessy because of current plugins or whatever reasons. Will there still be security patches in the future like the vbulletin 3.8 PL2?