That sounds like the bootloader failing instead of the kernel. Isolinux does not like something in your BIOS, there's google hits for the same on other P2's.
To work around that, you may have to install another Linux system first, then do a manual install of TC on top, using that system's bootloader. An older version of TC would use older isolinux, so they may also work.
edit: With machines of that era, network boot and floppy boot are also options.