IMHO, the easiest and most risk free (ref: your graphics work) way to have the best of both worlds is to put another HD into that ole' B&W. A good HD with ample space can be had for 60<$>80 brand new. The install of an additional HD in your G3 is a very simple procedure that would require no specialty tools or complex procedural issues.
Actually, having more than 1 HD is a good idea, especially if you are running a business. One HD (with all the data) remains as it is with no changes, i.e., formatting,OS, the other HD, you can format any way you want and install an upgraded OS. If you are gunshy of OS9.2.2, I would recommend OS9.2.1. I too, am a dedicated Classic user and will be for a long time. I use 9.2.1 on my PM8600/300 Mach5 and have used it with LW Pro for a year or so with no problems. The occasional java quirk is minimal and the quirks have been becoming more infrequent with new LW Pro releases. As an additional item to think about, look at your OS and make sure you have all your updates. I'm not just talking the specific 9.1 updates. Remember to have all updates, i.e., OT, MRJ, TCP/IP, etc, etc. Many of those updates are non-OS specific. That means you can run with internet big dogs and still have years enriched Macs with Classic systems. I run the same OS on all of my classic Macs (7600/200 is the oldest) and don't experience any problems with LW Pro. Hope this helps, good luck.