First, there is an OpenGL terminal which is a bit faster, but, what I think, is that there is something running on your system which shouldn't run! I used to have the same Mac at work (I usually worked on PCs as a programmer but later I finally persuaded my boss to get a Mac) and the mentioned apps where fast in classic and the ported apps even faster in OS X....MUCH faster than my 1Ghz Pentium.
1. Do you use "Mail"? If yes, either stop using it or turn the "automatic receive" to something like "every half our". Anything else slows down the system DRAMATICALLY.
2. Start your system, start the terminal, type "top -s 1" and check what's running. If there is anything hogging more then 5% of the CPU while you do NOTHING, QUIT it, delete it, it's a bad app! I had an app which showed me the free disk space on my HDDs on a window, a really nice tool...until I checked the running processes. It was so poorly written that this simple window displaying the free space used around 25 to 30% of my 867 CPU ALL THE TIME! I quit it and my system again got a bit faster.
3. Do a prebinding. "sudo update_prebinding -root /". It won't speed up the apps itself but speed up launch times.
4. Check your system. Check it twice. On the exact same system I ran OS X and it was a dream...as it should be on this machine! FASTER than a 600 Mhz PC. THere is something wrong with your system, believe my! Once you find it (which shouldn't be that hard), you will be much more happy
