Granted, this is pushing it, but I've been using this setup every day for almost two years. (I just like to use old hardware until it dies -- or, is this what old IPS-screened Thinkpads generally turn people into?)
Sure, you probably should be a "computational minimalist" by nature (e.g. there is an older version of Chromium, but I suppose your main browser will be Dillo -- which, actually, is just wonderful once you get used to it). But if you are a minimalist, I'd say it's a really solid system.
Also, it's fun for me to think that I bought this Thinkpad T42 three years ago for €20. And now I use it as my main workhorse in a field where typical setups consist of new-ish MacBooks with high-end SSDs and an up to date version of Pro Tools. (And where people occasionally still think that "duh, you can probably only edit a text file in Linux".)
So it's an awesome, clean, fairly easy to maintain distro (e.g. in case of a typical install you have a pristine system after every reboot). And the community is very friendly and responsive.