Well just that, I want to resurrect my old PIV to give to my kids so they can have fun and learn, Could I Instal Edubuntu in a PiV 1.4GHz, 512Mb Rambus, 64Mb Geforce 4 MMX? or should I look for another education-oriented Linux?
1.4 ghz is enough for the system requirements, but your RAM is just enough so it might be a bit slow. I would recommend to upgrade the RAM, because if you use many programs at once it might be a bit slow.
But give it a try, if your kids tries to do everything at once then it will be slow. but if they just use one program at the time it should be sufficient.
Lack of RAM is normally the biggest issue when using Ubuntu and feeling it being slow.
Good luck, and if you find any other releases just come back and ask again.