It’s doable but you should treat it more as a learning opportunity than a production system. Honestly, that’s old enough that a RPi might be able to run circle around it.

The Celeron 1011 is a 32bit processor, so Debian or Gentoo may be the only distributions that still support it and you will probably have to compile from source anything you want to run. A gig of ram was good for its time.

The Linux Unplugged crew from Jupiter Broadcasting are currently doing a 32bit challenge to see if such systems are still usable for day to day usage. It’s going to be interesting.