wine still needs some polish before it can install msvc4 nicely, but it can indeed install it, and the installed copy of msdev appears to work! I used the IDE to create a "hello, world" console app, and it compiled and ran perfectly!
The UI seems snappy enough on my dual pentium 650, too.
I'm sure I'll find many problems with this later, but for now, I think it's awesome that Wine can install and run msvc4 at all! - Dan