Hi,
firewalling is ever a good idea, even on a low speed connexion :
even though you may not worry much about your datas, someone can still use your machine so as to do bad things on Internet, such things can happen to anybody, consequences become more and more important (see
www.securityfocus.org for some examples).
sixth_sense gave you the comands to share Internet (no firewalling in what he wrote). You can add these lines in his script :
# Default behaviour : drop all
iptables -P INPUT DROP
iptables -P OUTPUT DROP
iptables -P FORWARD DROP
# Accept outgoing traffic any protocol, any destination
iptables -A INPUT -m state --state ESTABLISHED -j ACCEPT
iptables -A OUTPUT -m state --state NEW,ESTABLISHED -j ACCEPT
# Accept all traffic coming from LAN to INTERNET
iptables -A FORWARD -i $INTERNET_IFACE -m state --state ESTABLISHED -j ACCEPT
iptables -A FORWARD -o $INTERNET_IFACE -m state --state NEW,ESTABLISHED -j ACCEPT
It's far from being the more paranoid config, but it's a begining...