I don't think you are going to find a level of performance that is good, for this machine. It is really very old. Even a T30 series laptop would be way faster. Actually my cell phone is faster.
I would forget windows.
Even Xbuntu requires more then you have, even if it doesn't require it in the specs which i am fairly sure it requires 500Mhz or more and 192 MB of RAM for the normal install CD. 256MB of ram is "strongly recommended" per their web site. I don't expect Linux Mint, which is nice, to be any different.
I am running 64bit ubuntu right now, a desktop system, currently using about 800MB of memory.
Look into something like damm small linux (DSL) http://www.damnsmalllinux.org/
or something like it, a very light weight Linux distro meant to be run from USB flash drives or can be installed to the hard drive and packages can be added, as needed, this may require some experienc since DSL and other light weight distros don't have the support the larger distros do.
I don't know what you wish to do with the laptop, it's intended purpose, so I cant say for sure what you should do.
Just for normal everyday computer use with the requirements for Flash, and Java etc just for web browsing today, finding something that will run
"and run fast " is the hard part.
Unless your making it a SIP server with a VOIP gateway for a magic jack or a simple FTP server and a graphical environment isn't even needed, and using command line only.
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