That will work, no problem. All you need to do is go to System Preferences - Sharing on your eMac and turn on Internet Sharing on your FireWire port. I believe you have to enable FireWire as a network device under System Preferences - Network - Network Port Configurations. Then on your iBook, go to System Preferences - Network and enable FireWire as a network device and it should obtain an IP from the eMac. In that case, your eMac always needs to be on for your iBook to be able to connect.
A cooler way to do it, especially with a laptop, is to do it through Airport, which you'll need the cards for, but then you can be wireless. Configuration is the same, just substitute Airport where FireWire is above, and it'll work the same.
cpjakes