Poking around www.linux-laptops.net,
I didn't find anything on that exact model, but one minor version above is an install with a 2.4 kernel like RH 7.2's. RedHat is using the in-kernel PCMCIA driver package which suffers from two major problems: It is still in its infancy really, and it doesn't handle older hardware that well.
You should be able to boot with the boot floppy you made during install, find a boot disk on a floppy and take pcmcia out of Init, or simply re-install with no PCMCIA support (and make sure to do a custom install and choose the subsections Developer). Then you can compile pcmcia-cs, the older pcmcia card services package, as a separate entitiy, which is ironclad.
Or, you could install an older distro, which is the easiest way to get better performance out of older hardware.