Not even close. 8MB of RAM with a 32bit processor will run Linux perfecly well on minimal builds.
A 230MHZ 32bit CPU it's far more powerful than a 8bit processor emulating a 32bit one.
You could use cli apps and even X perfecly well with 16MB and 80MHZ in 1996.
EDIT: Ok, this is emulating too. Sorry, then.