At a guess, based on the many Sonnet processor upgrade cards that I have, both ZIF and PDS, yours will have at least 512kB of L2 cache, and very possibly 1MB. Sonnet is always more generous in this respect than was Apple, at least in the model generations being referred to here.
System RAM and VRAM upgrades will allow you to make the most of your 7300 and a newer OS. Unknown K makes the valid point that either or both of whether you wish to push the 7300 to its limits just for the sake of doing so, or whether you wish to devote it to a specific task will influence your further choice of upgrades: drives, bus controllers, specialty PCI cards, and so on.
Perhaps an extreme example is my 9600/G4/800MHz with 45GB of storage in four fast SCSI drives. That's an extreme ratio of processor to bus speed, but the 9600 appreciates the change from being what was a fine machine in its day to a yet finer Mac.
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