Ok, after hacksawing the power supply in I've been getting kernel panics more rapidly than before. I am also getting a lot more traffic which is what I think might be triggering it. I believe I have some sort of hardware problem and I probably just should have ditched the machine like I wanted to do rather than buying the new power supply.
On that thought I found a brand new motherboard CPU combo for 10 bucks (after rebate). In fact there is even one for $5 almost the same except the $5 one uses an SiS chipset rather than the via. There is also a deal with this motherboard and processor in a minitower case with a 300w power supply for $29 (after rebate). I'm thinking about trying one. The processor is the VIA C3 which according to VIA is capable of up to 1.4Ghz but in this board I think it's only running around 800Mhz. That's still twice what the AMD K6-2 is running. Here are some links:
Actually, now I can't find the $29 one but here's a $69 one that looks just like the one they had listed today for $29:
$69 system with above motherboard/CPU
Anybody run one of these CPUs before? Here's the VIA page on it: