Without a working CDRom drive it will be a bit more difficult. If it has a floppy drive and a fast Internet connection, I would try installing Debian doing a "net install". You copy a boot floppy, it starts and loads what it needs from the Internet.http://www.debian.org/distrib/netinst
It's not quite as easy as the more polished installers, but it's still pretty easy.
I would just install the base system (which will result in a DOS-like setup), reboot and install a desktop like Blackbox or XFCE- I *think* they will install on that little memory.
When I first started trying Linux, it was a couple of months before I could get my graphics hardware working, but working with the command line is a great way to learn the "nuts and bolts" of how it's laid out.
When following one of the links posted here through the links listed there (and so on) I stumbled into Panasonic's Canadian site. So last night I downloaded a new driver for my CD drive (apparently a common problem) and a manual!!
For others who might be looking for weird stuff, keep looking around. Panasonic's sites in England and New Zealand are supposed to be the best for old downloads. Neither had what I needed- or didn't list it in any recognizable form.
This is already fun! Maybe the library after work!
Bob, if you think hunting down manuals and drivers for an ancient box is fun...what can I say? You deserve a prize. I'm not sure if that's a booby prize or a consolation prize, but...a 486 running Linux seems like just the right thing.
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Maybe the library after work! 
