The problem with openoffice is two or three-fold:
You need quite a bit of new libraries.
It is not native compiled, it uses some jvm (slow).
Uses lots of memory.
Even the 1.x versions eat loads of memory, and run somehow "slow" for a recent machine (Athlon 2 GHz).
I'd strongly recommend something lighter, thought for a slower machine (Like Ami Pro form the win 3.1 days), sadly no such thing exists for linux, unless Abiword is really fast (I don't know)...
OTH, wy using current apps in such a machine ?, sadly even linux is bloated nowadays (I use it as my primary, sec, and ter systems, at work and at home since 2000 or so).
I'd stick with some 2.4 kernel, X 3.x (look if the Voodoo is supported in X 4.x), some new glibc, and so on, but don't expect it to run as fast as OS 3.9 runs. X is nice but slow compared to other graphical systems, due to its "networked" nature, if you don't care about eye-candy, there are plenty off fast window managers, some derived from openStep, that are quite fast to load, simple and very functional.