It will run mate, but be prepared for the spinning beach ball every time you do a task.
The lappy is 10 years old running an OS that is the equivalent of Vista/ Windows 7 in the mac world. You'd never get a win lappy that could do that at the same age.
To give your self any hope of the OS being workable, i'd downgrade it to 10.3, it was far less resource hungry than 10.4. Also bear in mind that the OS needs about 512mb of RAM to run, that's without loading any applications. It will work, but I'm just not sure it will be usable mate
If you want to try out OS9 on it, or OS 10.3 gives us a shout and I'll try and find some links for you to download the OS