If you use the FTP link at the bottom of the VLC mainpage, it does have the older versions. Follow the links until you see the powerpc version you're looking for.
I downloaded the latest version of VLC for my iMac powerpc G5. The disc image mounts properly, and I seem to be able to install without a problem, but every time I try to open a .avi file, the program (VLC) starts the file for a second, then crashes. Any help is appreciated. I would even take an old...