If nothing doing at Morgan, what about the second-hand market? Don't expect it to be cheap though as even low-spec laptops tend to hold their value.
As for the spec, I use a P133 Dell, with 24Mb of RAM for similar purposes. If I could find some Dell RAM cheap to boost it up it would probably be better, but any fairly recent version of WinDoze, plus Office apps for WP and spreadsheet, are likely to run kinda slowly, likewise FrontPage (unless you are authoring in HTML with a simple text editor)
486? No, I wouldn't, not unless you plan to run Linux!
Good luck