yes, with the latest linux kernel it's not really possible, even though gpt4o mentioned it might be possible if you hand compile the kernel, leave out all the modules and strip out everything you don't strictly need so there's some memory left for something like busybox.

At that point it'd be cheaper/easier to arrange 64 Mbyte of RAM in the old pentiums. With Raspberry Pi's having 4 GB these day it'll be perhaps just be a painful exercise.