OS X Server Snow leopard does not support PPC G4 and OS X server 10.5 does not run well on G4. You would need OS X server 10.4 tiger, but I don't think anyone would recommend it because the OS is likely not sold anymore. OS X Server does run pretty much the same as OS X Desktop though.
You can do all those things on Linux or Windows, but torrent clients for Linux are not as nice as uTorrent - though azureus/Vuze is great when you install the plugins, it is resource intensive because of the Java VM environment.
Apache, MySQL and PHP runs much better in Production on a Linux/POSIX system, but XAMPP/WAMP for Windows should be fine for development.
If you want to install multiple Operating Systems on your server and have them run at the same time, use VMWare Server ESXi 3.5 (not 4.0 because it is 64-bit CPU only). It is free and installs a thin VMware OS onto the HDD. You then install as many OSes as you want inside VMWare. When the computer turns on, it boots into the VMWare server OS and then loads the daughter OSes you installed into VMWare.
I would personally install VMWare Server even if you only want to run 1 OS, because in the future if you want to experiment with different file serving protocols, like iSCSI from FreeNAS, you can install whatever you want without interfering with the main server OS. This was you are not tied down to the limitations or drawbacks of a single OS, and your computer is beefy enough to have more than 2 Full production OSes running at once. Also, the HDD is not technically formatted the guest OS file system like NTFS for Windows or EXT4 for Ubuntu 9.10 - VMware OS formats the HDD in VMFS (proprietary) and the guest OS installations are stored in a file on VMware.
If you want to try something easy, consider Windows Home Server. It is a lightweight x86 OS that installs on a computer (requires reformat and a 80GB or larger HDD). It is basically a SMB server with plugins and there are some nice plugins for TimeMachine, uTorrent, Antivirus (to scan torrent DLs), disk defrag. A nice feature of WHS is when you have multiple HDDs in your server it will use all available free space across the different drives and show the clients a single drive with the pooled capacity of all the drives (but this only happens when you install WHS natively to the server and not using VMware because WMware manages the HDD partitions). It also does this without RAID 0 or RAID 5 and offers data redundancy, but you should know that it formats the drives when you add them to the pool.
This is still a good option for installing using WMWare. Also not that OS X server will not install in WMWare because of there is no EFI on a PC and VMware supports only x86 and not PPC.
So to answer your questions
1. Time Machine can backup to a network drive using SMB or AFP. It does not require a Time Capsule.
1 b. You can always use Carbon Copy Cloner for Mac and have it store the iterative images on your SMB server. Carbon Copy Cloner is better than time capsule because you can select what you want to backup or select your entire partition to image. It is also much easy to restore than Time Machine and people sometimes encounter corrupted Time Machine Backups that they can not mount or boot from and get screwed. If you have a lot of space, use Time Machine and CCC at the same time and set CCC to backup once every 2 months or whatever.
2. Install Vuze/Azureus/Bittyrant in Linux because it has an RSS downloader and Web interface (with plugins). Install uTorrent if you choose windows because it consumes much less resources and supports RSS and WebUI natively - it also has a bandwidth cap to limit your monthly bandwidth at xGB per month.
3. Ubuntu supports Windows SMB file sharing through samba. Windows server supports this natively. Mac/Linux/Windows client PCs all support SMB natively. You can also install an AV uPNP server on both (Tvserity for Windows and MediaTomb for Linux). I don't know if TV capture is support by MythTV/Mthbuntu while using a WMware hypervisor.
4. Joomla/Drupal as well as most free CMS projects are built using PHP. Ubuntu Server has LAMP (Linux-Apache-MySQL-PHP) builtin (choose Web server when you install). PHP Installer packages for Windows (XAMPP and WAMP) work fine for development, but there is no file/folder permissions/ownership in Windows when you run as Admin unlike in Linux/BSD. This can create problems (and likely will) when you develop on Windows and deploy for production on a POSIX system like a paid service PHP Webhost (not a problem if you deploy on Windows). If you develop on Linux and deploy on Linux or Windows, it should work if permission are set correctly.
Also, Python/Perl/Ruby extension scripts for PHP apps (like a Adobe Flash Policy server for Comet/Ajax serving) run MUCH better in Linux/BSD and most free scripts won't run on Windows even if you have the proper scripting environment.
Extra - Both support VNC server and RDP servers for remote administration. Windows supports PPTP VPN server and client natively since XP (PPTP VPN has bad security) and Server 2003/2008 support L2TP/IPSec VPN. You can install OpenVPN server on Linux and Windows and the client is available for Windows/Linux and OS X.
Extra - Both support SSL VPN using Adito (aka OpenVPN ALS) which is a great VPN-like tunnel. Clients only need a Webrowser and it will always work wherever you are because it uses the SSL HTTPS protocol on port 443. It is a breeze to install on Windows if you find the prepackaged binary. On linux, you need to install Apache Tomcat and Java JRE and configure it from the web.
So it seems Ubuntu wins if you want to develop/test PHP apps on your server. If you don't plan on deploying the website publicly on a hosted Linux server, you can choose Windows for your home server. You can always develop or test them on your laptop too using Virtualbox and Ubuntu Desktop.
If you plan on torrenting a lot, Windows or Windows Home server may be more appealing for you. There is also client software for Windows PCs if you are using a Windows Home Server that will auto backup to the WHS box.
I would personally install VMWare ESXi and install Windows XP/7, Windows Home Server and Ubuntu Server 9.10.