If you really want X at somepoint in the future, you might be able to if you switched distros. Slackware is great with older hardware--I run it on an old Dell CPi (300MHz) and it runs fine. Takes a while to load OpenOffice, but other than that it is fine. Just max out the ram to as much as the board can handle. Oh, and Fluxbox or other light WMs help a lot. Rox-filer, xfe, stuff like that.
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