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Dont' be silly. Put on a modern version of Linux liek Slackware or Debian, and ONLY run the servers that you need, like sshd or smbd. Don't run stuff like httpd and ftpd and all the other junk that gets installed, they will take up ram and slow you down.
A Celeron 450 would do ok I guess. They crunch slowly, but it all adds to the points, I have a Celeron Laptop and it takes ages to get through the jobs, but what the hey.
I would reccomend upgrading to 64mb ram if you can. That should be all you need. I have a K6/2 500 running Slack as my fileserver, and that crunches happily with 64mb ram, doesn't even bother with the swap.
Don't expect to run X11 on it though. That's probably more than it could take.
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