Hi Bennie
Welcome to becoming a member!
I have an old Wallstreet as well, now it is at my mums house in Australia, she uses it for email and some limited surfing, (movie timetables, etc), for this its fine as it does not have much (processor) power. It ran fine with 8.6 but i think she now has panther for ease of use, which brings me to this point, if you have a specific task for it to do like this then its fine but with a 233mz processor you may find it frustrating slow at doing complex tasks.
Also my Wallstreet has no usb port and i cannot describe how painful that can be when on the road (burning cd's or adhoc networking to share files with friends, ive even used fax machines as printers when in a pinch)
So if your powerbook doesnt have usb, then this needs to be taken into account in the cost of repair versus usability argument.
If its the one with usb and a copper coloured keyboard,(later than the Wallstreet) then i have two friends who bought these (together) and have had very good service from them.
I would recommend running disk warrior or reinstalling the OS software and take it from there.
They are still a nice looking machine, and built solidly.
cheers
matty