That g4 has a green power light, so it's probably a 'yikes' or 'sawtooth' model. Those G4 processors use like 7W of power!
It wasn't until the Quicksilver dual processor models that they started hitting the limits with that case design. They introduced the "Mirrored Drive Doors" model to help lol. At that point we were talking about 40w or so.
Not sure if that's technologically possible or even an option for you access pattern, but for my more modern SATA disks I see about 1W (from the wall) per disk when spun down, lots of W for spin up and 5 to 8W spinning. I guess numbers for old disks are a bit different, but the principle should hold.
Drawback is that you'll likely be doing staggered spin up, which can introduce some latency. But for non-interactive stuff like daily backups that's just irrelevant.
How much additional heat does that old G4 add into the mix?
I wonder if this could be done much more efficiently with an RPi Zero or similar.