From experience with the Derringers, PUT SOME RAM ON IT. You will most certainly not enjoy performance increases without it. The best gain you will get is programs that use the FPU, but like Piru said, memory fetches through the Zorro II space will kill your performance gains. 32MB 72-pin SIMMs should be dirt-cheap second-hand these days.
Also, the stock OS3 CPU command works with the Derringer's caches. I will have to boot up the 500 to remind me if the Derringer requires a special program to add the 32-bit memory to the system -- I seem to recall that it does, but I may be confused with the MTec-020 which required its own software for everything.
[EDIT:] I just re-read and saw that your RAM is on its way. So, this would be more for advice to others with the same unit. :-)