Those specifications are similar to those of a laptop that I had around 2001. It was a Compaq with Windows 95C and 64 MBRAM. It was a great Internet and music-playing machine then. I ended up selling it in a garage sale (to, get this, a Mark Twain impersonator who wanted to use it to write his acts) because of its small 10.1" screen, which isn't really a problem if you need portability. (I wanted a desktop.) Problem areas I could see with using that same laptop on the net nowadays might be with processor intensive things on the Internet such as Flash and Facebook (and the like). More RAM is always good, and I would definitely max out the RAM on the laptop if possible.
Windows 95 is also pretty fast in terms of GUI responsiveness on PCs that were top of the line for its time. Some USB devices will work with 95C. Also, if you like the browser-style Windows Explorer, you may want to upgrade Windows 95C.