That's kind of the same route I took ro re-aquaint myself with Amiga - got an A1200 030/50 ; hardly the fastest thing around but it works well, and manny people I know hardly believe it's an Amiga (newicons makes a big difference to how a WB looks :-) )
You could expand it enormously (put it in a tower, add PPC, RTG, soundcard, PCI) and it could possibly run OS4 then. But I'd be very expensive and less reliable/fast than an A1. I'd just expand it moderately to get used to the Amiga way, and if you like what you see consider an A1.