This can depend on the 040 in question. A 25 Mhz will most likely fail, a 40 (like the original poster's) should be fine (but don't expect to multitask). Use mpega and Paula if the SB is too CPU intensive. And I do mean mpega the program, not just mpega.library. Don't bother with overblown packages like Amplifier etc which use AHI.
Cheers