Dear coolcat1829,
I am specifically unable to reply whether 10.4.7 as I am on 10.3.9 (I waiting for Leopard to show its spots and the Intel Duo Mac Pro to stablize - one stone two birds "yi shi er niao")
Anyways, I can claim that when I bought the tablet in HK, the sales staff did not have any qualms in recommending the bundle. Knowing that 10.4 was already well established, I believe there should be no problems.
However, they did give instructions that there are driver issues. The original supplied driver (for 10.2 and before) would not work. Thus, we need to get an updated driver that will allow the PenPower tablet to work. This driver is supplied from Wacom. I believe the PenPower tablet is derived from Wacom's older tablet design.
It did take me a while to find the driver required as there is a maze of webpages that seem to have one form of driver or another.
I believe you need to use the Graphire, Graphire 2 or 3 driver
(see
http://www.wacom-asia.com/download/download_index.html). I will need to confirm that information.
You can try the various drivers to test if I don't get back to you soon. As it is not too bad an issue with drivers in Mac OS, you can change away with little worry.
Hope this helps!