I've been running RedHat 7.0 on my V1 Winchip 2 233 since the day my CDs arrived.
I have put my XF86Config, a back-port of ioled.c driver for the mail/phone leds, a copy of the compiled pegasus.o driver for Pegasus-based USB ethernet adaptors, and a copy of my /etc/sysconfig/harddisks optimizations at the following url: http://graflex.org/klotz/io
For XF86Config, put the file in /etc/X11/XF86Config and restart X. You may want to put more fonts in. The "X Font Deuglification" HowTo at http://www.linux.org Documentation tells you where to get fonts and how to put them in.
For ioled, put the ioled.o file somewhere and do /sbin/insmod ioled.o. Read /var/log/messages for the remainder of the instructions. This is a backport of the 2.4 driver to 2.2.16-22 kernel.
For harddisks, just store the file in /etc/sysconfig/harddisks. I have an Hitachi 6GB drive, but these configuration parameters should be reasonable for any similar drive. Make a backup of the file first, and do testing.
The pegasus.o is a later revision than the one that ships with redhat 7.0. I got it from Petkan's home page (the authror). I cannot get the absolute latest version to compile and insmod without symbol errors under 2.2.16, even though it has attractive fixes that claim to be for I-O users! I'll have to wait until RH ships 2.4 kernels, I guess...