I believe logging only GGA on 1 sec. intervals would be sufficient for OSM. I have the same GPS with a 16 MB SD-card insterted and have every item on a 1 sec. interval though. The 16 MB allows me to tracks days before the SD-card is full so I never took the time the find out which NMEA sentences are really required.
BTW. make sure you use a proper SD-card with this GPS as it is very picky about it. I used a 1GB card once which seemed to work until I powercycled the GPS after which it failed to create a new file on the SD-card.