Using anything other than the most very basic console will be painful on a machine that old. Someone suggested using older software, but that won't be very fun, since the web will be practically useless on an old browser.
i have a Toshiba from that era that I have used as a dumb terminal on and off over the years. At one point I had gui-less version of linux, with a frame buffer version of vnc and used it to connect to my main machine. It was fast and served well as a bed side web browser for years. At another pointI had a LTSP server set up, and used an LTSP network boot floppy to use it as a dumb terminal. That was pretty cool too. Probably the most useful was using XDCMP and just having it login in to the remote X session on another linux box. A basic X setup with XDM and connection to a remote server. XDMCP worked quite nicely.
Any of those well proven technologies will make that little old machine useful again, provided you have working network and video drivers.