400MB... it's not very large
so for your swap space, in theory that's 2*RAM size... But you're true, as you have a tiny RAM, you can take 32 or 64Mo for swap.
As you have a small disk, I'll advice to create only one partition (except swap space)... In fact partitions like /home are not vital as it will create a /home directory in your root partition if /home partition does not exist. Moreover, you'll be a single user, so don't worry with such problems.
I think you should wonder which distro install? probably an old one... but kernel2.2 or 2.4?...