[PD] PD as real-time effects processor?

Hi.

I'm hoping to use my laptop (Apple PowerBook G4, 667) as a real-time effects processor for live audio signals. I've been thinking of getting a USB or FW audio interface and connecting its inputs and outputs to the effects loop on my outboard mixer.

I've had minimal prior exposure to PD, but I thought it might be a good software DSP environment for this sort of thing?

Probably the biggest issue will be latency between the input and output, but I thought that if I can keep it low enough then it might be OK. Mostly I will be doing reverb-type effects, and some delays, so latency might not be too much of a problem, but computation time might be.

Has anybody tried this before? If PD not such a good fit, then could somebody please recommend a better environment for this sort of thing?

Thanks.