I have a Wallstreet 233 with 160 MB, and I just got a Newer Firewire 2 Go card for Christmas. I'm using a Sony DCR-TRV 310 (I'm sure a Canon camera will work just as great, if not better!), and I did a little experimenting with iMovie 2 over the holiday. Although the "requirements/recommendations" for DV (according to iMovie and the Newer documentation) are for a 300 Mhz G3, which you have, my 233 Mhz works pretty good, considering it's 2 years old.
Although it doesn't go quite as slick as my brother's new 500 Mhz iMac, it still works. I've only played around with it a little bit, but here's a few more specifics on how it works on my machine:
- The Newer card works great--you don't even have to install any software. I hadn't ever put a PCMCIA card in my laptop before, so I was surprised how hard you had to push to get the card in, but once I got past that, it showed right up on my desktop.
- When I import/export from/to the camera, the video shown in the iMovie preview window is pretty jerky. Also, if you just try playing the video, it's jerky. However, no frames are lost in importing/exporting. I'm guessing the playback in iMovie would be smoother on a 300 Mhz machine.
- I can't do full screen previewing in iMovie. The sound plays, but no video. Your 300 Mhz machine may work.
And, hey, when the Firewire 2 Go card is only $35 w/ free shipping at outpost.com, you can't really go wrong!