Hi,
I have a iMac G5 1.8 GHz, 1gig RAM, and the GeForce 5200 and I think my game is extremely playable, even on large maps with lots of rivals. However, I keep the graphics on low.
I think that with only 512 RAM you will suffer playability. I would advise, as beamup said, to increase your RAM not only for CIV but for your everyday use.
That said, I dont know enough about computers to know the difference between the G4 and G5 processor AND between 1.5 and 1.8 GHz. Someone else my be able to give you an opinion based on your exact specs, but mine are pretty close.
Also, check all the old threads, b/c I think Ive seen people give descriptions about G4 and not so good graphics cards and CIV.