Hi. I don't know for now.
There is ton's of issues while switching to protected mode (ipxe for example: https://github.com/ipxe/ipxe/commit/bc35b24e3ebd2996b2484b7f...).
It just stuck when I select it from PXE menu and I didn't debugged it further.
Maybe someone can figure it out and send patches or advices.
Also it's not my goal to run gray386linux on i486 machines because I have another distribution: gray486linux, which aims specially to systems with 486 CPUs.