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I think the processor is going to be 'ok' - the ram and video card might be a problem. I would try to upgrade the ram to at least 1gb, if you cn manage it. I would expect ram for a system that old to be dirt cheap by this point (if you can find it). Probably standard SDRAM dimms. 256 MB is just barely enough to run anaconda (the installer), last I checked. Once you get it installed, the RAM will be a serious problem with either GNOME or KDE. You might be able to run something like twm (a very old window manager) and save some memory there, depending on what you need.
Also, don't go with an older version of Fedora (or whatever) to try to save memory - I don't think you'll save that much, and older versions aren't provided with bugfixes and such, which can be a major security hazard.
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