nah fluxubuntu wont run that well on 64mb
i have a server with 2x pentium II 233mhz and 64mb ram and it didnt work out too well. Ended up using the debian netinstalll cd, installing a basic system, then downloading only the packages i needed for a light x system with fluxbox. Seems the version in the debian stable repo used much less memory than the ubuntu one, or maybe just because it was a tighter install.