Try it first
If it works..cool.
Otherwise...Do a search on the Nvidia hack for Premiere and do that.
If that works...let others know it does.
Actually, Suzzie, there is no GTX 530. You meant the GT 530, which is basically an OEM GT 430 with a new name. As such, you are correct that it has 96 CUDA cores - but it is also hamstrung by its use of only a 128-bit memory bus and slow DDR3 graphics memory. As such, it is about twice as slow as even the GTX 550 Ti (with 192 CUDA cores, 192-bit memory bus width and GDDR5 memory) in CS5.5 in the MPE GPU-accelerated mode. As such, it's in the "penny-wise, pound-foolish" category.