Yes, I believe Ubuntu (and, as such, Debian), Fedora, and a few other distros offer PowerPC builds of linux that will run just fine on that PowerBook. The key is that you need a PowerPC build, since the G4 processor is a PowerPC-based processor (regular x86 builds are incompatible).
Mac OS X offers many development tools as well, depending on what kind of development you do. mySQL, php, Apache, etc. all come standard or are easily installed, and popular compilers like cc, gcc, and g++ are also available if you install the Xcode tools.