Re: Exactly!
An out of date Linux wont necessarily give you no X Windows, most cards these days still support VESA and you will be fine with the VESA framebuffer driver. Besides, who needs a GUI ;)
As for storage, AHCI SATA can be dropped to Legacy mode. Then it will look exactly like a PATA connection and will work just fine.
You would have trouble with USB3, possibly not USB2 as I think UHCI devices are compatible with USB1 drivers however I'm not sure. If you are going back that far however, good luck.