I'm not arrogant enough to say this is the best solution but it's my two-cents anyway:
Partitioning has it's advantages, but one of the big disadvantages is the size restrictions they incur.
If there will be only 1 user on a 450MB with 16MB RAM, I'd suggest the following:
Swap - 32MB to 48MB
You have very little RAM so the usual swap = 2xRAM is probably a bit small but there's very little sense in going over 48MB
One primary partition - size the rest of your HD.
You could divy up the HD some more, but that's going to set you up for a world of hurt when one of them becomes too cramped.
There's really no need to partition for /home or /usr/local for just one user.
You could decide to make one partition though: boot
This should only hold the kernel so doesn't need to be that large. Still the boot partition is optional, you don't need to create it.