OT Tech Question: G3 RAID server?

I've watched the LAFCPUG forum for awhile, great information, but never actually posted before... so it seems ironic that my first post is slightly off-topic, but here goes anyway

I have quickly outgrown my pair of 120gb drives in my g4 for editing... can't really house more than one project at a time, and occasionally I like to have source material around since many of my projects (for the university) tend to overlap.

I have my old B/W G3/400 in my closet acting as my web server, but truly it doesn't do a whole lot... I had an idea and thought I would validate it here, as there are probably people far more experienced in this sort of thing than myself.

My G4 now houses all of my music, apps, backup stuff, and documents (as well as video material)... and the G3 holds my web stuff.

Would it be feasible to convert the G3 to a 1tb RAID server and use it for my video material? (Parallel drives is all) Both the g3 and g4 would need a gigabit nic, I would upgrade to a gigabit switch, and then stick a sata card (or just another IDE controller) in the g3... three or four big drives later, I'd have a ton of capacity and hopefully a boost in performance over a single-drive setup like I have now. Obviously the G3 is not a really powerful machine, but could it throw video out the drives and through the nic fast enough? I've played giant MP4s off of the G3 via filesharing before, and the performance monitor shows that the CPU is pretty relaxed...

My other thought is to let the g3 host the pair of 120s for music and backup and documents, and then run the 1tb raid locally on the g4 (since that is obviously where I do my editing)... but I would prefer to go the other route and keep the heat and noise in the closet... the g3 can have house fans in it for all I care.

Like I said, just seeing if it would be better than what I'm running right now... and if it's do-able, then I might go for it.

Thanks in advance for any help