I agree that an attempt to use VM in such Macs is a doomed attempt, but why is more a matter of mild curiosity than baulked ambition in my case. I max. the RAM in any older (OS 9 and less) machine that I own, or stop at 512-768MB in those Macs that can hold 1.5GB. I never invoke VM unless the OS wants its own way (as under OS X). More than 0.75GB is distinct overkill in machines of the beige PPC era.
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