I have my old 5000D (32MB of RAM vs. 64MB of 5500) working as an arm build host with the old gcc 2.x toolchain. With just 32MB of RAM most of the C++ is out of question, but it works fine for plain C language projects, even for very large ones (it NFS-mounts some of its filesystems).
Actually, integer-ariphmetics- wise it beats my old Sun SS20, even when SS20 is upgraded to ROSS HyperSPARC 150MHz CPU.
-albertr