If you're wanting to OC a G3, go to Mike Breeden's site, xlr8yourmac.com and look for anything from Michiro Isobe. I think he knows more about Macs than anyone in Cupertino.
Easy OC is the bus multiplier, next is the main bus speed. Increasing the proc core voltage or the bus voltage will give you some headroom, but pay close attention to cooling or you'll smoke proc/RAM. The reasoning is a higher signal will effectively lower the "noise floor" and allow a little bit faster speeds without errors. Be aware that if you change the bus speed on some models, the PCI bus and system clock are affected - no good if you make your Mac faster, but nothing works except the proc.
PM8500 w/ G3, OC'd from 400 to 454MHz(11-99), bus mult and bus speed OC
G4 DP Mystic, OC'd from 500 to 550(11-00), bus mult only.
Both are in daily use and very stable.
Z