Sorry if that sounded not very helpful, but basically it comes down to that. Not much can improve the performance of machine of that vintage, to stand up to a current model, unless you spend almost as much on upgrades (some of which to consider are listed below).
Some thought should be given to the budget (money and time and effort) one is willing to spend. The G4 Digital Audio is possibly a good candidate for upgrading for someone who is interested in do-it-yourself computer stuff and bargain hunting for parts. It can even be a fun hobby. But even max-ing out all possible upgrades will still be lacking in performance compared to the current Mac models, I don't actually have any specific benchmarks, just my gut feel. And you may spend a good portion of the cost of a new machine on all those parts for the old machine.
Is this the 667MHz machine (G4 Digital Audio) in question?
http://www.lowendmac.com/ppc/digital-audio-power-mac-g4.html
http://eshop.macsales.com/Descriptions/specs/Framework.cfm?page=g4da.html&title= Power%20Macintosh%20G4%20Digital%20Audio
or is it some other model?
Here are some CPU upgrades, for example:
http://eshop.macsales.com/MyOWC/Upgrades.cfm?sort=pop&model=162&type=Processor&T I=2420&shoupgrds=Show+Upgrades
you can even get a small rebate for your original CPU
http://eshop.macsales.com/Service/rebate-program/
Any of those CPUs should double your processing speed, but you may also need more RAM...or the CPU will just be waiting for data to be read from the virtual memory on the hard drive.
http://eshop.macsales.com/item/Other%20World%20Computing/133SD512328/
you could max it out with a whopping 1.5 GB, with 3 of these.
and you may need a better video card...
http://eshop.macsales.com/MyOWC/Upgrades.cfm?sort=pop&model=162&type=Video&TI=29 34&shoupgrds=Show+Upgrades
To add larger and faster hard drives than the original Ultra ATA/66 can handle you would need a PCI ATA133 or PCI SATA card...
http://eshop.macsales.com/item/ACARD/AEC6280MOB/
http://eshop.macsales.com/item/Sonnet%20Technology/TSATA/
And if you need to install OS X from a DVD, and want to burn your own DVD, you may need a new optical drive, if one hasn't been installed already, to replace the CD-RW:
http://eshop.macsales.com/MyOWC/Upgrades.cfm?Model=162&Type=InternalOpticalDrives&sort=pop
Also, check out the Power Macintosh G4 forums if you have any questions about that particular model, (if I guessed correctly)
http://discussions.apple.com/category.jspa?categoryID=113
Even while I am trying to build a case to convince someone not to waste their money on this project, I am thinking to myself, where can I pick up one of these G4 towers to take on this project myself. Maybe a Quicksilver, no a FW400 MDD dual-boot for sure, I still have some OS 9 software. I did about all I can with my G3 Desktop, and spent more than my MacBook cost.