No CD version (the image is around 6.5GB DL DVD, CD is only 700MB). You do not mention what OS is on the G5. Is the DVD Retail or Grey Model specific.
You could make a USB Stick 8gb or larger is a good size to have and you can also make bootable Snow and Lion and ML installers that way though the process is different. You could also use an external HD.
You do not mention what Macbook Pro you have but you can do Firewire target mode potentially between the computers.
USB DVD Drive External (even burners) are widely available for around $35. *** Your G5 came with a DVD/player/Burner not a CD player/burner. http://www.everymac.com/systems/appl...g5_2.7_dp.html
I would argue that there is no harm in staying on 10.4 on that G5 its very fast.
Did you try putting the DVD in the G5 and restarting with C key held down?