As long as your Powerbook stays closed and does not open while its in your backpack, it will be perfectly fine. I bring mine to school and its in a zipped up case, which is then put in my backpack and I haven't had any issue. When the laptop is in sleep mode, IIRC there is only a tiny amount of power used to keep the data in the RAM, which generates next to no heat.
What I mean to say is, as long as your laptop is asleep, you'll be fine. If the laptop is somehow on while its in your backpack, it could overheat.