Hi Mitch,
The configuration you are proposing will work but it is probably not best practices. The only real issue here is one of routing. If hosts on 198.133.219 network have default route to PIX then you will also need a static route on each client for the networks beyond the default router. The PIX does not support ICMP redirects.
If your clients have a default route to the "default router" and the router has static routes for all the networks beyond the PIX pointing to the PIX, then ICMP redirects will handle any traffic that is destined to networks beyond the PIX. There will be no need for additional static routes in you clients as is required with the other option.
The only risk with the second option is that if the router is turned off then clients will not be able to access the networks beyond the PIX.
As you are using a public address range (198.133.219) and I assume you own it, there is no need to use NAT. You may however want to use NAT to hide your address range from users on the outside of the PIX for security reasons, but it is not necessary.
Hope this helps
Regards Brett