Chip ram and Toaster 4000/3.1

[T3000]

It'll run, but very limited. Won't be able to run more than two VT apps at a time with the Switcher interface counting as one. So, tring to run LightWave and Toasterpaint simultaneously, no. The VT environment really needs 2mgs chip to function properly. Looks like you'll be hunting down a DKB MegaChip.  

Memory issues
NewTek VT FAQ

[T3000]

Luckly, I managed to score one of EBay for less than $45. shipped. Yeah, I know, MegaChip rarely comes up and usually goes for at least double that amount. However, your Toaster will thank you for it and you will have a better experience within the VT environment.

EDIT: there's one on EBay right now...   MegaChip