If you want real time data processing you can run DOS on it and write your own code to deal with ISA/PCI cards, parallel port, serial port and whatever else you've got in there.
I would rule out both Linux and Windows since both are not real time operating systems. That only if you care about precise timing otherwise they are fine.
On the benefits of running a Pentium over a MCU, lots of free compilers, excellent debuggers with no requirement to buy expensive trace probes, tons of documentation, easily expandable and upgradable to faster machines, if you feel so.
So yes, I would definitely consider them, just power it up, deploy a DOS version and a free C, Pascal, ASM compiler and you're good to go.