I wouldn't go with Knoppix, it's kind of chubby by default, and impossible to
run of CD with that amount of RAM.
People suggested DSL and Slackware, and I thought those were sensible suggestions.
While there's going to be more of a learning-curve there should be some reasonable
performance, too. Yes, I know "Pigs fly just fine with sufficient thrust", but that
old dog of yours is not a whippet or greyhound (more of a pug with three peg-legs),
and the memory *is* *very* *limited*.
If you stick with it, and choose a slim WM (which won't have the comfort you'd
expect, I'm afraid) you should be fine. As for the difficulties with printers:
check on
OpenPrinting how well supported your make/model is (or choose one
that's a) reasonably priced and b) well supported) and buy that.
Cheers,
Tink