Pretty cool, man. I have one just like it (actually I have three G3 iMacs now, but one is of very similar capability to the one you bought). It runs OS X Tiger surprisingly well. $70 is kinda steep in my opinion -- but then again, in many ways, it's a bargain for what you get, assuming it all works and is in good condition.
Cool! ^_^ Besides Milkytracker, what do I need to get like program wise, specifically utilities?
Also, should I follow these tips?
http://www.macosxhints.com/article.php?story=20020221092653868The best tips in there are for more RAM and a faster HD. When I set up a G3 similar to yours about 3 years ago, I bought a 512MB DIMM, which I believe is the max that machine can handle. I also bought a new Seagate 80GB drive (which crapped out in 6 months for no reason, but that's another story).
I don't recommend reducing the number of colors on the screen, and keep the resolution at 1024x768, which I think is the max that the G3 iMacs can do on their internal monitor. Turning off window shadows and transparency help a little bit, I think, but I don't recall there being too much difference. There's another utility that can do that without you having to change themes like that article said -- forgot what it's called.
Definitely minimize what's running in the background to keep things speedy, and don't install lots of crud on it. Keep it simple and lean, and everything should be ok.
Alternately, you can install Ubuntu for PowerPCs on your iMac, which is what I did after a while. It was neat to play around with and pretty snappy. Eventually I went back to OS X and I used the machine as a UNIX-like backup controller with cron jobs, etc. It makes a great little UNIX box.