Is the above Power Mac G5 the one you have, Alice? Just to clarify, you can install up to Mac OS X 10.5.8 on your Power Mac G5 and it is correct that you will need to upgrade the Optical Drive
(click here to watch a YouTube How-To).
The Full Retail version of Mac OS X Leopard 10.5 is comes on a Dual Layer DVD so if you want to do the upgrade then you'll need to buy the Leopard software & the new Optical Drive. This will be a very worthwhile upgrade in my opinion.
From a brief look, both Tiger and Leopard are fetching premium prices at resellers and on eBay. Be sure you get the (Universal) Full Retail Version and not computer specific gray discs, or upgrade discs.
Also, you shouldn't have to wipe the hard drive to jump from Panther to Leopard because
AFAIK, Leopard allows you to seamlessly upgrade (without deleting programs and user settings.
Having said that, I would strongly suggest you check to see if there are any Leopard compatible versions of the programs you rely on for every day use.