Well, I'm not so sure Snow Leopard as we know it would be useful on PowerPC. The reason SL was so fast is because they cut a ton of legacy code and used lots of Intel-specific optimizations.
That said, on a TDP basis, PowerPC computers weren't that far behind. Don't quote me on this, but I recall reading that certain G4s only used something like 20-30W. People complained about those laptops as being hot, but that's only because Macs are designed for the entire computer to be a giant heatsink, which is how it can dissipate heat on such a thin form factor. I know that the fans almost never even turn on in my PowerBook.
The main issue is that G4s could not achieve higher clock speeds without horrible, non-linear increases in power, an inefficiency that caused the CPU to lag behind Intel over the years. Also, the G5s were just tremendously inefficient period. I redirect you to PA Semi's PWRficient line of PowerPC processors -- they seem like they could have been the solution, but were too late to be impactful.