I'm on a Pentium pro mmx, with 64MB of ram (i want to get 128MB, the max amount), swap space isent really a issues for me as when i compile i close everything else, only big programs like glibc needed to use swap space.
average kernel compile
1-2 hours for configuration (gotta make sure you do it right)
1-2 hours for compile, averagely 1.5 hours tho, but 2 if i include more stuff, like usb support