For a games (WHDLOAD) machine running 3.1, I'd recommend:
1) 8MB RAM card
2) IndivisionAGA (or SCART TV)
3) 4/8GB CF HD
If you want to run OS3.9 and/or play more of the later demos/games then:
1) 32/64MB 030
2) IndivisionAGA (or SCART TV)
3) 4/8GB CF HD
If you want to muck around on the internet (slow) you can also add a PCMCIA network card (only for 030+).
If you have money to burn you could also go for an 060 rather than the 030 but avoid 040's.
A PCMCIA card reader is also a great idea (who needs floppy discs!).