I'll save you some time here: You are *not* going to get a satisfactory Linux-with-X11 experience on this hardware. No distro will give it to you.
DSL is pretty much the only hope you have if you want Linux, and even then there just isn't a lot of linux software that's going to run on that little amount of RAM.
FreeDOS might be an option; It has a GUI that makes Windows 98 look futuristic, or you can run it command-line; but it's supposedly fully DOS compatible, and there is a treasure trove of old DOS freeware floating about the 'net (not to mention the attics and garages of anyone over 30).
I don't think AROS, Haiku, Syllable, or any of the other crop of new non-Linux free OS's will run on that hardware. Menuet or KolibriOS might, but if you find anything useful to do on those systems you're doing better than I am.
EDIT: Actually, check out
LightDOS. It's a FreeDOS distribution that comes with a nice, reasonably modernish desktop. It's system requirements fit your hardware, and it's only a 6MB iso.
EDIT2: DOScore, a.k.a. Aura is another DOS-based option.
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