Not really. It's enough to shuffle several xterms around, xedit (text), xmh (email) on twm (the included windows manager, very old school, but uses nearly no ressources). But it's really not pleasant. Remember, the hardware underneath is obsolete since 20 years. You could use a remote X11 server for Libreoffice, but i guess even that would be a painful experience. I wouldn't dream of using Libreoffice with anything under 1GB of Ram and at least a PIII above 800 MHz.
I personally think it best to just add sshd=YES to /etc/rc.conf, restart and login remotely via ssh. Many use a LC475 with NetBSD or Debian in that way as a mail, dns or web server.