'... 95 MHz of pure power'
Yup
Lucky you - at least if you compare to the 50 MHz of canned heat i've got tucked underneath the hood of my IBM 701C (The 'Butterfly').
The 760 is perfectly able to run a Linux. No prob whatsoever.
But.
Trying to install off one of those arcane media you mention simply isn't worth the agony. IMHO.
Do yourself a favour and go buy a pcmcia networking card - one of those old 10 mbit wired PCMCIA cards. Not a PCcard (i don't believe your laptop supports PCcards). You'll most likely have to buy a used one, as 10 mbit wired ethernet-PCMCIA cards are no longer sold in stores.
Go for a NE2000 clone. I've got one from Trendnet (TE210 it's called) and it works like a charm with e.g. Debian bootfloppies. Expect to pay around $15.
Hook it up to an internet connection and run your favourite bootfloppy-set. Off you go.
As for the usability of such a system, i'd say the word 'not' applies pretty well. Even if you prune back the setup, choose low-ressource-window managers, and avoid the real office applications, you'll most likely find the system slow at best.
Going Text-Mode works wonders, though. Dispense with X, and you've got yourself a nice workbench for text editing, network debugging/sniffing, webserver etc.