Don't despair my friend.
I have found a really cool tiny app that you install and it keeps its eyes on lookupd to see if it hung. If so it restarts lookupd. you won't notice anything working in the background nor lookupd restarting.
When I posted this topic it was out of curiosity more then anything. My eMac was running a bit slow with the spinning beach ball, especially when there is a lot of Network activity.
So in fact I have had this little app installed for a few days and I assure you it works for me. I rarely see the spinning beach ball now and my machine is a lot snappier.
I have to leave you a warning that this does not mean your issue will disappear. It may be unrelated to lookupd, it may a lack of RAM or a very full HD, which can also be a result of the system taking pauses.
But it's worth a try.
So here is the software, it's called Unlockupd 1.0 found here:
http://www.dshadow.com/software/unlockupd/
further info about the apparent lookupd bug can be found here;
http://www.macfixit.com/article.php?story=20050921061826456
http://www.dreamlight.com/insights/bugs/Apple/lookupd.html
The second URL has some dead links but still useful and interesting
PS don't regret having a great computer like your PowerBook, it's a great machine. If you are new to your PowerBook, there are a lot of great sites and podcasts to get you up to speed. Wish I had more time to give you some extra pointers.
With that being said, I'm glad you are here and hope you continue to use the discussion board, a lot of people here are very helpful and knowledgeable.
Cheers - Google is your friend and be happy there are no viruses on the mac!