Why not just plug in an Android powered phone? Just set USB debugging on and it acts exactly like the emulator.
I have run the Android-x86 project on my n450 powered netbook and it was unusable. The port is by no means ready for daily use. Basically, if you think the emulator is slow, you will cry when you find out how slow Android-x86 is. My advice would be to throw a few bucks at a newer/faster computer if you think the emulator is slow. I develop on a 3 year old Core2Duo 2.4Ghz notebook and it runs just fine. I've even run the x86 port on the same notebook and it's horribly slow (not to mention not touchscreen). Also, if the network doesn't work 'out of the box', then you'll have to hack the source code and implement your own driver as Android-x86 is meant to work on Asus Eee PCs.
So either upgrade, or plug in your android powered phone and use that.
But for now, I wouldn't bother trying to use the x86 port for development. It's just not ready yet.