RetroBSD - 2.11BSD running in 128k RAM / 512k Flash
code.google.com
code.google.com
I have used Mini Unix on a PDP-11/45 with 32 Kbytes (16 Kwords) of core memory and dual 2.4 Mbyte hard drives.
I once took a class, 6.031 at MIT, where we did our assignments on a PDP-11/45 running Unix on 256 Kbytes (128 Kwords) of RAM and three 2.4 Mbyte hard drives. That was a timesharing system with 16 simultaneous users.
The 11/45 was 1979, I think. The 11/40 was a year or two later.
That means forget about running Emacs on this, or vim, or even plain vi. Perhaps the only available editor is "the standard editor."