Did he actually have both monitors/mice/kbds hooked into the same physical box, or did he have one high-powered 'Mainframe' and one low-powered 'Client?'
If it's the latter, then you could simply have the G5 running where you need the key video performance, but run a VNC Server on it, so that you can VNC into it from *any* (Mac, x86, Sun) box that can run a VNC client. If you have a high-speed network (at least 100Mbps) you can really run full res quite well at that other box.
I haven't really used a lot of VNC, but I *think* this should do what you want - two seperate accounts running at the same time, at two seperate sets of mice-monitor-keyboards.
-rand()