I never really like CPU upgrades in any laptop, price/preformance wise, it's just easier to get the laptop with the speed you want in the first place.
unless I went laptop only for my home computing needs, the portable CD burner would be kidna a waste.
RAM, the more the merrier :)
drive upgrades are ok, depending on the jump in space. normaly the older G3's have 4-6 gig drives in them, so a 20gig would be great.

12gig red mk2 -- 080000125
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80gig red mk2 -- 080000125
(No, I don't actually hate Alan Cox)