I successfully upgraded this pre 2000 laptop to Fedora 20. Everything went smooth. You can hardly see a difference.
Still, the laptop is missing a usage because of its slowness. Even watching videos became hardly possible after some acceleration drivers for the old mach64 chipset had been removed from Xorg.
The situation will become worse when the drivers for old graphic chips will be purged completely in Fedora 21. From then on only VESA drivers will be available for showing a desktop.
If someone still wants to run a desktop on such an old machine, the current debian stable release is probably a much better choice.
Ruberg's blog 