Looks like it would work. I did have an adapter lying around that let me use a CF card instead of a spinning disk, so that helped.
The biggest hassle was getting the thing to start because boot from USB didn't really exist back then so I had to burn a CD and the drive on that machine is kind of flaky these days.
Though I will say that it's not exactly usable. Pretty much any website makes it grind to a halt. But it's good right up until then.