This is a non safe for work, as in lewd, instance.
It’s safe to assume that anything you see here will be lewd.
Just letting you know. If you view the content and then pull a surprised pikachu when you see big anime tiddies, Judy Hopps getting railed or some furry vore… Then it’s on you.
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You might be able to find a super lightweight desktop distro out there (I think Damn Small Linux can run on those specs?) or you could repurpose it as a basic server of some sort like you mentioned. Unless you wanted to invest in some cheap old ram to throw in there and maybe make it a bit faster, then I think those would be your best options.