It might be fun from a "building a tube radio" standpoint, but even if it was high end in 2004, a $250 current laptop will most likely smoke it in terms of performance. IDE hard drives are not hard to come by, but you may have issues trying to find driver software for the other old hardware, particularly if you want to try to upgrade to windows 7/8/10.
Note: I probably have a HD around that I would be willing to donate to the cause...