I don't understand why people are quite happy to break Apple's EULA by running OS X on unlicensed hardware (be it A1 or Peg) but when it comes to running OS4 on unlicensed hardware they get all moralistic. There is no difference.
I don't think OS4 will run on Pegasos. It would probably need a patch, and then you'd have to get hold of a copy of OS4 (which isn't available for purchase, so you'd have to use an illegal hack.)
