Recently picket up this old Thinkpad T30 for 2 bucks at a local flea market. Its a bit scratched up and the battery is more or less dead but everything else is working fine. Its Pentium 4M, 1gb of ram and 40gb hdd might be a bit overkill for win2k but its really amazing. Running Firefox 13 and a webone proxy to deal with ssl issues.
Some more photos:
I initially tried to run debian 12 with xfce on it but it was horribly slow (looked like a gpu driver issue, didnt care enough to troubleshoot) so I decided to go the win2k route
Yeah, I've never had a good experience with Linux on any Peintium 4 (though II and III worked great). The last time I tried was on an old P4 IBM ThinkCenter. Like you said, could be GPU, but even non-graphics tasks were sluggish on it.