While I am a big proponent of of not throwing away useful tech, there is a point (for me) of diminishing returns. I do exactly what IconDaemon does and keep a USB DVD Reader/Writer specifically for this purpose (I think I use it, at most 4 times per year).
That said, if you're interested or passionate about keeping Vintage tech running, there is a couple sites you would be interested in:
Doing a cursory search, I was able to find these little gems: DVD Extractor and AudioCatalyst
I looks like they will rip audio, but not having vintage hardware (or time, for that matter) to test this out, I can't verify. However, you may find some useful resources there as they too have a user forum and IRC chat available.
Availability of lossless codecs.
It's highly unlikely you're going to find something with the capability of lossless ripping because Mac OS 9 was EOL'ed in in May of 2002 while FLAC wasn't released until July 2001. Apple's own ALAC wasn't released until April 2004 (AIFF is not lossless; it's uncompressed). Wav, which is "uncompressed" and considered (at the time) lossless was a Windows format and while compatible, not popular on Apple products. WMA is the Windows lossless format.