Hi ya chuck,
That's a tough one. No tried and true method that I am aware of.
What I know will work:
1. Borrow/beg/steal an external FW DVD player that is Mac bootable, and run your 10.3 DVD from there.
2. Borrow/beg/steal another Mac with a DVD drive for a couple hours and install 10.3 from it's optical drive onto your external FW drive. Then clone the new installed, bootable OS from the FW drive to your internal drive, or even run it from the FW drive. Or, round up a newer ATA HD and install 10.3 on it and install it in the imac in place of the current drive.
A couple things that are key to running OS 10 on early imacs, regardless of how you get the OS installed:
1. The internal ATA drive has to be jumped to
Master, not Slave or Cable Select for the machine to be able to boot. Should be already set this way if this is the OEM drive. If it is the OEM drive, it is about 7 years old.....yikes!!
2. Besides having to be set to Master, the drive
must be partitioned and OS 10 must be installed on the first partition, and, the first partition
must be 8 GB or smaller. I usually set it to 7.9 to be safeGB.
3. You need to update the firmware
before you install any flavor of OS 10. Check the
chart and click on the correct link for your imac, and follow the instructions. You can literally kill the imac if you don't do this. You must be booted to OS 9 to run the firmware updater.
If you want to get an slot-load imac up to OS 10, it is a project, no doubt about it. What I did at work (for about 40 of them 4 years ago) was to update the firmware from OS 9, replace the internal old, slow drive with a faster newer drive, and partitioned and imaged the drive from another newer Mac G4 tower before installing the HD, so we never had to worry about any issues with imac optical drive. This is a good solution, but is only doable if you can take the little bugger apart to swap drives and have access to a newer Mac to actually install the OS from.
If you are up for a project, go for it. If you want an easy road to a better Mac, consider a newer model. Almost anything will beat it and be easier to work on, even a newer G3 imac. G4 towers are cheap now too.....just a thought.