I've run LinuxICE on the pico before with 512mb ram. It ran really well. You can also install nghost, icepanel and the other OpenICE components on top of xUbuntu. add the LinuxICE repo, and apt get install linuxice should get you just about everything.
there is a packaged version of obdgpslogger for OBD-II. Did you mean OBD-I? that's a bit more tricky, but *logger supports it.