Better way to do fullscreen blending?

Hi guys. Im rendering 2 full screen (1024x768) quads in my app, one is a simple image, and the second is a blended textured quad. I’ve noticed that this blended quad has a big impact in my framerates (from 750 fps to 300). I tried then to build a display list for the quads, but it happens that both quads are animated (Im translating its texture matrix) so I cant add this matrix operations and the glTranslate call in the display list…however when I test this display list is not a lot faster…only 5-10 fps faster than inmediate mode.
Is there another way of doing this? Any kind of recommendation? Thx!

Something I was thinking is rendering the quads to a texture (say a 512x512 texture) and the render 1 quad with that texture…would that speed things up?

Multitexturing…4x times faster than the blending quads…