I feel your pain. Crunchbang was my jam back in the day. It was the only one that ran like a champion on my old single core hardware. That being said I do not think that Fedora is going to be the right fit for you given your system hardware requirements.

However, there is one above all the rest that I believe you can make your new home. It is called Alpine Linux. Alpine Linux is a security-oriented, lightweight Linux distribution based on musl libc and busybox. Its resource requirements are hilariously small.