Get a 2 GB card and shoot raw plus fine JPEG (both) and use your 1GB card as a back-up for another 70 shots. I use my fine JPEGs most of the time - like with fillm, I like to have the shot captured at the shutter actuation. I have my saturation, contrast, etc. set up to mimic my favorite films. I do shoot a RAW copy in addition to the fine JPEG as a digital negative. If space is an issue and I'm card limited, I go with fine JPEG because that's what works for me. On my 8MP 30D, with a 2GB card RAW + fine JPEG, that's around 134 shots or so. A 6MP Nikon D50 should take up less room.
Your D50 is set up in Nikon's color mode three as a default to produce some nice saturated colors (which you can bump up even more using your camer's vibrant setting). If you just shot RAW, you might be left with a stack of photos where you're going to have to photoshop each and everyone. RAW files are going to look very bland, and you're going to want to play with color saturation, sharpness, contrast with each because no camera settings have been applied. The upside is that you can do a lot with a RAW file - adjust white balance, change all sorts of parameters as if you were back at the time of taking the photo - for this reason I keep a RAW negative in addition to my fine JPEGs just in case.