If it weren't for the fast L2 cache, yes. Depending on what you're doing the 1 meg of L2 on a 604ev card, even though it's slower, might turn out more helpful than 512k of L2 on a G3 card. Compiling, for instance, while not exactly the most common activity on PowerPC Macs, often benefits more from larger caches.

If your G3 card has 1 meg of L2, then it'd be faster in most things.