I have one of these machines in daily desktop use, except mine's even slower, the original 700Mhz variety. In order of effectiveness, here's what I did to hot-rod mine.
1) Memory. As has been discussed, two 512Mb sticks of memory, one a PC133 DIMM and one a PC133 SO-DIMM. Neither are that difficult to install, but the internal one requires removing the base of the computer, which houses the logic board, and thus has many wires attached to it, so some care has to be taken in it's disassembly. 1Gb of memory will make Tiger scream (most machines that shipped with Tiger had 256 or 512Mb of memory standard).
2) Hard drive. You haven't given us the spec, but let's just go on the assumption that it's the original. That would make it relatively small, but more importantly, it would make it a 5400rpm drive, which is much slower than a 7200rpm drive that is typically used in desktops nowadays. Get the biggest EIDE drive you can find and slam it in there. Again, this is not a complicated task, but you have to be delicate with the innards of the machine to get to the hard drive and get it back together without pinching any wires or breaking anything. Also, if it's the original drive, it's not to be considered reliable anymore, so you either need to replace it for the sake of preventing you losing your school work or back up to an external drive religiously until a failure happens. My system had a 120Gb drive, not original, but still dating back to 2003, and it kicked the can after I pulled it (went to install it in my B&W G3, and got all kinds of I/O issues). I replaced it with a 160Gb WD drive, because again I don't need much, but there's no limit size-wise to what you can put in there (get a 500Gb!).
3) Choice of OS. As far as software and everything else is concerned, Tiger is the only way to go. You can install Leopard if you use a program called LeopardAssist to cheat the installer minimum requirements test, but I found that Leopard ate all of the performance difference I gained in upgrading my system, and thus made it just about as slow as Tiger was before the upgrades. For the record, Leopard runs (if that's what you want to call it) on 512Mb of memory, it's just not pretty. It ran far better on 1Gb, but the difference between Tiger and Leopard on 1Gb is night and day. This has to do, primarily, with the lack of CoreImage support on the older graphics cards in our old iMacs. Leopard makes heavy use of CoreImage to speed up UI, while Tiger depends primarily on the older QuartzExtreme, which our machines have no problem supporting.
Good luck with the machine! I love mine, but I don't ask that much of it.