Certainly it's doable.  Try it with Slackware.  I've put Slack into less
than 80 megs no problem, and it was complete with more software than I
needed.  You'll probably not want to try and get the X11 stuff onto that
machine, but a console based system is certainly usable on a machine
like that.

The older versions of Slack (such as 3.4) would probably the best bet. 
They come with 2.0 series kernels, but unless you absolutely *need* a
feature that's only available in the 2.2 series there shouldn't be any
problem.  Though I *would* upgrade to at least 2.0.36 (IIRC 3.4 is
2.0.20-something or maybe even 2.0.30).  Compiling a kernel on that
486-25MHz would take a long time - I would instead compile it on a
machine with a faster CPU and transfer the completed kernel to the 486
(make zdisk comes to mind).

One of the reasons I mention 3.4 is it is still setup to be able to do a
complete install via floppy.  Also I mention it because I'm somewhat
familiar with it.

One last suggestion / request - for future posts to the list *please*
turn off HTML.
-- 
Mike Werner  KA8YSD           |  "Where do you want to go today?"
ICQ# 12934898                 |  "As far from Redmond as possible!"
'91 GS500E                    |
Morgantown WV                 |  Only dead fish go with the flow.

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