The VIA C3 based motherboards (usually in a mini-ITX
form factor) certainly meet the "low-power" part of the
needs. An EPIA 800 (C3 @ 800MHz, about the same computing
power as the Pentium III you've currently got, more if you stay
away from FP operations!) and modern IDE
hard drive tick along at about 25-30W power consumption.
A small RAID array of IDE drives will bring the power consumption
up a few notches (add about 10-15W peak for each additional
drive).
There are rack-mount mini-ITX systems available, see for
example
http://www.caseoutlet.com/
My EPIA 800 webserver hosting about two dozen virtual
domains (most but not all of them classic computing related)
has survived a couple of slashdottings in the past 3 years
without breaking a sweat :-).
Tim.