just got done installing it on 233 for a friend, had 96mb of ram though, but only a 1.2GB hdd. Anyways, if you disable everything that isn't absolutely needed its not too bad. Actually ran alot better than I thought. Had it booting in 50 seconds, and only using 39MB of RAM at bootup.
I'd say its doable if U really want to, but takes alot of work to get it working decently.