I'm starting to run MorphOS on a similar machine, mine clocks at 933 Mhz. It's fast and responsive!
I was excited about running my G5, but, that would have wasted its memory. If I understand, MorphOS will not use more than a Gig of ram if more is installed. My G4 tops out at 1.5 Gig, and so, is a better match. Besides, the G4 is a speed demon compared to 68K hardware.