Hi, Eli Duttman!
I think, if you start GNU/Linux on your box, this can be considered a kind of challenge ) Not becoming less intersting, of course.
Frankly speaking, my Pentium box with 64M is offline, i didn't even made attempts to start some kind of browsing the modern internet on it, but, it must to be said, that lynx is one of my currently and frequently used browsers, along with the Fifth browser. Maybe You haven't heard about Fifth, it is written by one of TC authors, @curaga, and is very customizable and very accurate in resource spending, actually the top speed one. I think Fifth worth trying on your hardware.
Your case is interesting, please, keep us up to date with Your progress )