If the thermal paste has never been replaced, it may not be a bad idea. I've even had "pretty modern" (2009) PCs that have needed to have their thermal compound replaced at this point, so it stands that a machine eleven or twelve years old such as an early 12-inch PowerBook G4 from 2002/2003 may also need that treatment.
One thing I would be careful with as you play with fan control software is that there's a joke about MacBooks: Apple prioritizes acoustics very highly and the fans on modern MacBooks and MacBook Pros activate at literally T-Junction, which is Intel's terminology for (the hottest you should ever let the chip package get under normal condition."
2014 Apple and 2003 Apple are sort of different, but I don't think they're different enough for playing fast and loose with that particular setting to be a very good idea, because it's likely already running very close to the maximum recommended temperature for that chip, which as TheWhiteFalcon said is already kind of high.
Of course, the other (and most simple, really) thing is to turn the machine off and hit the vents with a vacuum cleaner or an air compressor to clean out any airways. Keeping airways clean and free will make it so that when the fan does need to spin up to send hot air out, it will operate as quietly as it can and also be able to push air out more efficiently, and hopefuly therefore slowly.