5. can it eventually be setup with a .deb packaging system?
Why would you want to? If you need a package manager, stick with a distro that uses one. But you could install any package manager you want. I've installed RPM, Portage, and Pacman on base CLFS systems. The one problem you will have is making sure the package manager "knows" about the packages already installed. Otherwise it will try to re-install them or won't work at all.
i am doing this on an iX86 pentium 3 550mhz
You could use either LFS or CLFS. I still recommend CLFS using the x86 32-bit instructions and CBLFS
. CBLFS has more packages and is more up to date.