I would think that it should... does the L2 card have an enabler? If so, you may have to juggle extensions a bit to get it to load before BootX.
As for the install... I did a 9.04 install on my Wallstreet a while back. It's a pretty easy install provided you use the Alternate CD. Obviously, you need to have at least a minimal MacOS install as you actually boot Linux from the Classic OS using BootX.
The biggest problem I had was in copying the kernel and ramdisk from the installed system to the Mac OS partition. I didn't have a small HFS partition and Linux can't write to HFS+ (at least by default).
John