I just updated my 08 Blackbook (i've had it since 2009) and I pretty much gave this thing a new life. I highly recommend the Crucial M500, even though you'll only get SATA 1 speeds out of it. This thing boots in 20-25 seconds now. Also, if you can afford it, I'd skip the 4GB of RAM and go straight for 6GB. Stick with Snow Leopard. DO NOT put Lion on it. I did and had to revert back. I thought that with the SSD and the RAM upgrade that Lion would be faster, but it's not. Also, if you don't use the optical drive, I'd get a HD enclosure and put a secondary HD there to store all of your media and such. I'm not sure what you're purpose of this machine will be, but mine is my main computer since I can't afford a new MBP at the moment. The final repair I did for mine was a redo of the thermal paste. If you don't think you can do it yourself, you can, but it takes a lot of patience to get right. My CPU temp went from 180-190 degrees at it's peak before to 140-150 degrees now. My main purpose in doing this was to keep the fan from coming on full blast after opening one window in Chrome and iTunes at the same time. Hope this helps! Message me if you have any questions.
I decided to go with 6GB ram instead of the 4 to avoid wanting to upgrade down the road. I've noticed a lot of users going with Crucial M500 SSD and I'm wondering if it performs better than OWC's or why it seems to be the proffered SSD over others. I also watched a video showing how to redo the thermal paste and it seems simple enough. I'm first going to work it hard and see what temps it runs at.