I use Node.js for several jobs on my web apps and so far everthing\'s ok.
But the Node.js uses Google\'s V8 as the default Javascript engine (JSE) and V8 runs exlusively
This is impossible, as Shtééf already said Node.js is tightly tied to V8, it uses specific V8 methods all over the place, the dependency will only grow in the near future, there are "hacks" on the way to get into V8's internals in order to massively improve performance when writing strings to sockets.
Many modules (assert, inspect etc.) depend on specific V8 functions. There's no way code will be in any way portable between V8 and other server side JS engines.
While Shtééf considers options, I see only one solution:
Get rid of the PPC hardware.
If you really want to make it run on Rhino, you'll end up in a maintaining nightmare, in the end you'll have two write either two distinct applications, or create a giant runtime layer for Rhino which tries to emulate Node.js, good luck with that, since many things just won't be available in Rhino.
Also there will be no support for 3rd party libraries.
Seriously, get another computer, writing all the wrappers etc. on your own will only cost your time, in which you could have written awesome Node.js stuff. And since time is money...