I don't know, I run Panther on a 366Mhz iBook G3 w. 128 mb ram, and it runs fine. I can only have about 4 small programs open, and it's a little choppy, but very usable.
I just installed Tiger on two B&W Powermac G3s, and a Powermac G4, runs great (although all of those had 512mb+).
You can install directly, but I thought there was something with one one the imacs, where firmware or something had to be updated first. idk though, I don't have any iMacs.
I do know for Tiger, the earliest compatible iMac is the slotloading iMac. But that's because Tiger requires a firewire connection. (I was quite amazed, Tiger actually sped up the mac by 30-50%.
I found these minimum requirements for Panther: Power Mac G3, G4 or G5
Built-in USB
iBook computer with 128 MB of physical RAM
iMac
eMac
PowerBook G3 or G4
Video conferencing requires a 600 MHz or faster PowerPC G3, a PowerPC G4, or a PowerPC G5 processor; broadband Internet access (100 Kbps or faster); and a compatible FireWire DV camera or web camera
Internet access requires a compatible service provider; iDisk requires a .Mac account; fees may apply