Yes, but it will recognize most DVD drives (I've found, I've tried out four different ones on mine and they all work), so that should be good.
All the parts to upgrade a b/w are so cheap right now, I'd say it's a decent buy (vs. a G4, which is still pretty pricey to upgrade). The max ram is 1gb (4X256, it won't recognize 512 sticks), which is sufficient for anything in OS9 and most non-pro app needs, but the gpu is pci, so you can't upgrade very far. I have a b/w upgraded to a G4 450mHz with 1gb RAM and use it for audio tracking in OS9 (demoing mostly, I mix on a G4 2X1.3gHz). It's still just as good as it was 5 years ago when I got it...