With a 100MHz AMD 486 processor and 8MB RAM, even a stripped-down version of Windows 95 will be sluggish, and forget about running 99% of what you might want to use as remote software because it'll need more RAM and swaps will slow it all down. The first PC I owned was a laptop with a 100MHz Intel 486-DX4 (slightly faster than a 100MHz AMD 486, if memory serves) and 8MB RAM. It was painful.
If you want to instal something like embedded Linux or 98lite's embedded Windows, you could get it to respond decently--*if* whatever remote software you use isn't a memory hog.
But my opinion is, why bother. The time and effort it would take to get anything useful out of these antiques has to be worth at least the $50-$100 more to buy an LCD or other remote that works OOB.
Personally, the idea of a nice full-color wireless touchscreen HTPC remote based on a Smart Display, TabletPC, or even just a PocketPC with an oversize display makes me drool even though I can't justify the expense yet. But these don't seem as good as a more vanilla remote, personally--I'd spend the money on a wireless trackball instead.
