It should work OK. 3D accelration works on that card now with Peg1 too, which it didn't do early days. I haven't used that particular version of 9200SE, but I had Club3D's 9200SE (64MB).
It's about the second slowest card (after r7000) which you can use on Pegasos. So if you want more gfx perfomance, then I'd recommend 7500/8500/9000/9100 for example. But if you can have it practically free, then take it for spare at least
