I still use Classic in 10.4.11 on a PPC Mac with all the current OS updates.
10.5 drops support for Classic on all Macs. However, even if you lose Classic environment within OS X 10.5, should you upgrade, your G4 Tower still has the option to boot into OS 9, if your model is one of the earlier ones before FW800 was introduced. OS 9 and OS X can be installed on the same hard drive partition.
Different versions of OS X can be installed on different partitions, so you could even have a bootable 10.4 system with Classic support and try out 10.5 on another drive/partition if you needed to run 10.5 for some reason.
"Upgrading" the OS is always a consideration of your investment in all your apps, the hardware, and third-party devices (printer/scanner/camera/etc) and all those drivers. When you upgrade the OS sometimes you need to upgrade everything else, and often the more cost-effective solution is to keep the old machine running the old stuff, and get a new machine to run new stuff. Rather than upgrading an old machine to still support the old stuff but can't quite run all the new stuff very well if at all.
640 MB RAM is really barely enough for doing any serious work in OS X, you should consider at least 1GB or max it out to 1.5GB or 2GB, whatever the limit is for that G4 tower model. The older RAM for those models is fairly cheap now.