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Mac G3 Users - Able to use for recording?

I have a 400Mhz Yosemite (blue/clear) MAC G3 running OS 10.2. I would like to use it for recording bass tracks (w/ a mic &/or DI), a Alesis SR16 drum machine and anything else I could plug into it.

I would like to know if this computer is capable of doing this without dragging to much?

Would it be faster and produce a better quality recording using an upgraded internal sound card/interface as opposed to a firewire interface?

Regarding headphones, are there any you can recommend that are fairly accurate that can handle a low B and don't cost too much money?

Thanks!