I should point out that Tiger runs FASTER than Panther. ITASOR is incorrect on that. If Tiger will install on that model (not sure on that, don't have Tiger) it'll run better than Panther.
Yes, i have a clamshell 366mhz with 320mb ram and it runs fine. I guess it depends on what kind of performance you are looking for! My opinion is that Panther runs plenty good enough for my everyday tasks!