What is the MHz of the K6? They went up to 300MHz before being replaced by the K6-2. If you have DIMM slots for memory, i.e. 168pin instead of the old 72pin, bumping it up to 128MB will help definetely. I wouldn't expect to get to many real time effects running, but you could apply the effect and listen back until you got it right. This would save on resources. You should be able to get 8 - 12 tracks easy if it's 166MHz and above. (provided your hard drive is not real old. If it's above 3GB you it's new enough).
I guess a question would be, what performance are you getting now, and what problems? Memory may not do it, all depending.
