Anwidasoft claims that their 30 band GEQ plugin will run on a P200 w/ 32MB RAM.
http://www.anwida.com/product.asp?pid=11
They also have a PEQ standalone product with the same requirements...
http://www.anwida.com/product.asp?pid=6
I've been lurking around this forum for a while but I haven't made the plunge yet. What I'm missing is crossover software.