Good question. I would guess yes, as long as you can find a card that has updates that support new(er) OSes.
I helped a customer a few years back that had an upgraded G4 QS with a Siig ATA card that was having hardware issues. Turned out to be that a software update (....10.4.something...) was the issue. The card needed a firmware update or two....which took a while to hunt down from both Siig and Acard. Once patched, it was happy again.
With the price of drives so low, how about putting your ATA drives in an external case, and going with a new SATA for your G5? You would feel the speed bump of a new drive vs. an older ATA drive.
"Imagine if every Thursday your shoes exploded if you tied them the usual way. This happens to us all the time with computers, and nobody thinks of complaining." -- Jef Raskin