If you're doing it "just because," then, by all means, go for it.
But in this day and age, there is little-to-no technically-reasonable reason to do it. A faster G4 doesn't cost much of anything, and if you're going to try using it for any "day-to-day computer" use, even an extra 200 MHz wouldn't make it noticeably better. Modern web pages (in TenFourFox or Classilla,) won't be enough better to be 'usable,' "serious" apps like Photoshop won't be enough faster to be any more usable. Any game that will run on an otherwise-same-spec 600 MHz system will run just fine on the 466 MHz system.
The system is already really old, putting extra stress on the components now will just make them much more likely to fail.
Again, if you're doing it just for the technical challenge, or for "s--ts and giggles," then go right ahead! That's part of the fun of older systems - doing things with them "just because." But I wouldn't put any effort in to it hoping to get extra real-life usability out of it.