I think it's theoretically possible, but the software for that distro seems...dated (2005-ish). I think you could install OpenZaurus or Angstrom or Debian and get the same software packages (or equivalent replacements--I'm not sure any of them still have Netscape as a package, for example ). Angstrom is close to producing a stable release, and its default install is pretty small (~20 MB?) if you get the console image.
Personally, I run Debian EABI off of a 4 GB SDHC card, but I boot Angstrom on internal Flash as a backup.