Nah, 32MB of VRAM is plenty for Leopard.
Agreed-especially for an iMac G4.
One of the things more VRAM gets you is the ability to push more pixels while maintaining performance. An iMac GPU doesn't exactly push a huge number of pixels, so I wouldn't get caught up on it.
It's 12:30 and I should be asleep so I'm not going to look it up, but offhand the max you'll find in at least the common PPC cards is 256mb. My Quicksilver has a G5 9600XT driving a Cinema HD display(1920x1200) and a Dell Ultrasharp of some sort or another scavenged from the trash-I think it's 1280x1024. I think the card is 128mb, although I have used a Radeon 9600 Pro PC&Mac with 256mb of VRAM in this computer and for quite a while used a Geforce 4MX with 64mb of VRAM. The 9600XT perked things up a lot by virtue of having Core Image support, but the 4MX did fine and it was pushing a LOT more pixels than your iMac. I've run a bunch of different monitor combinations on that computer(although I've been "stable" in terms of GPU and monitors for several years) but think at one time I was running the Cinema HD and a secondary 1680x1050 display on the 4MX.
My most used Cube has an 800mhz Sonnet and a Geforce 3. I mostly run OS 9 on this computer, but it runs Leopard quite well. The Geforce 3 lacks CI support, but I think has 64mb of VRAM. Before I found this card(I looked for probably a year, and then
@LightBulbFun turned up two of them within two weeks of each other, and relayed one to me from the UK after he played with it a bit) I used a Radeon 7500 with 32mb of VRAM. I think at the time I was mostly using an ADC 17" Studio Display, and again Leopard was fine. I'm now using the 17" ADC CRT and the Geforce 3 handles 1600x1200 fine(although I don't run it at that resolution as the display is limited to 65hz and I find that very tiring). I can play Return to Castle Wolfenstein with the settings cranked to max, and from my experimenting with the card in other systems it is CPU bound more than GPU bound. I really should put my other Geforce 3 in my 1.8ghz Cube and swap it for the 800mhz one. Alternatively, I should just switch to a 1.25ghz MDD with a 4Ti, but then I prefer the Cube where it is now.