I'm not a Red Hat-guy, but I'm hard pressed to see a reason why Fedora wouldn't work on this machine. A recent build of Debian worked just fine on my ~300mhz G3 with similar specs until its recent demise. Try installing FC7 or a recent build of Ubuntu and try it out - It'd probably work just fine with a light weight WM like XFCE, Icebox, or Blackbox.
That said, if you'd be happy enough with a minimal distro, DSL-N or Puppy Linux would probably get the job done. DeLi doesn't meet your requirements out of the box as it lacks native OpenOffice support.
-Sean