Yes, for what you want to do, even 1.5 megapixels may be plenty of resolution. What you really need is to be able to capture action at a reasonably fixed plane (action not moving toward or away from the camera) and you need the optical zoom to allow this.
You might do well to try and find an Olympus E-100RS which has features which would be excellent for your purpose. The E-100RS can often be found for around $500 (its original MSRP was $1500) and has a stabilized 10X optical zoom lens, a tremendous pre-capture feature, shoots full resolution images at up to 15 frames per second and produces stunning images. It uses SmartMedia AND CF types I & II including MicroDrive. It's a dynamite little camera which I sometimes use in place of my EOS-1D for certain types of sports action.