Fortunately, swapping the buttons is easy. Just open up System Preferences. Click on Keyboard & Mouse, Click on the Keyboard tab at the top. Click on Modifier keys. In the dropdown box for Option, choose Command and in the dropdown for Command, choose option. Bingo.
I was actually searching the forums to see if anybody else was having problems with the logitech control center drivers after the upgrade to 10.4.8 Normally, these drivers fix the issues with the swapped keys. For some reason though niether my left nor right mouse button clicks worked after the update. After I uninstalled the control center, my mouse buttons worked again but I was back to the command-alt key mixup.
20" iMac G5 Mac OS X (10.4.8)