I'm sure a quad G5 might solve most of this problem, but it would cause (financial) problems elsewhere.
Hate to tell ya but Apple quit selling the G5 about 4 yeas ago...they are now MacPro's with Intel chips which compared to your G4 is light-speed in difference...
The facts are, as Andrew pointed out, multiple layer large high resolution files are, well, big honking files...there is no magic sauce you can add that will change that. There are methods of mitigating the file size creep (or jump)...I tend to keep the
Background layer plus one on top...then when I work on stuff I'll merge down to that top layer while leaving the
Background intact (retouched and spotted mind you, but essentially unaltered).
I also agree with Andrew that that would hold true for capture and creative sharpening but I will stack multiple output sharpening (and deal with the file size) because I don't want output sharpening in my master file...
If time is of importance to you, I gotta tell you even a Mac Mini (filled with ram) would knock the crap out of a G4 these days...