Elive is a fairly decent distribution. I've spoken with one of the developers before -- seemed like a nice person to me with a good reason as to why they wanted to make another Debian-based fork.
Sadly, there is no perfect distribution. I remember when I first got ahold of ZipSlack 7.1 which ran an ancient Linux 2.2.x kernel (if I recall correctly) -- it was awesome because it could fit on a Zip-disk (similar to a floppy disk, but it could hold a whole 100 MB!). It had everything you needed, and if it didn't then you'd pray that your 56.6 Kbps connection didn't suddenly die whilst downloading the source-code of important things (luckily for me, I had a cable connection).
The problem is that you're asking for shiny point-and-click to run on an old system. It just won't happen, sorry. The older the Linux distribution, the more difficult it will be for people who are accustomed to complete out-of-box solutions. Me? I think the warm glow of a screen full of green text on a black background is as homely as it can get. But, to get that feeling, I'd need to use a CRT monitor, and I don't have any of those lying around. Your goal right now should be the same I told you before: Find a window manager that you like and from there pick your distribution. That'll save you the time of starting these threads. Go on Youtube and look for Linux window managers. There's a vast selection to choose from, so do it wisely and carefully. If you really-really need help, just PM me and I'll see what I can do to help.