Serial and parralel are do-able, but dog slow, if you have any way of doing a network install: Debian, RedHat, SuSe, ggaaaaah, even a Gentoo install (but the compile time would be weeks), any of the BSDs.
Offhand, Debian is probably the best bet, the base system install is easy (and small, 250MB land) and the kernel is old enough so as to allow for some of the elder pcmcia bridges that have been left and forgotten by 2.4.x's yenta_socket driver.
What kind of drive size are you talking about, I used to play with a series of 4 P133Mhz 24Mb RAM laptops, mostly installed Slack and Debian, but I had 1 with a working cdrom.
Cheers,
Finegan
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