"Diskless Farm" - A good idea for me?

[PS2pcGAMER]

IB gave me a few older boxes to put together to get me going. Unfortunately right now I only have one working hard drive (20GB) and I'd rather not wait a few weeks to purchase a few off of ebay (plus I am cheap). I've used linux a little here and there and can do the basics.

So would a pxe setup be good for me? What distro? Does it really matter or can I just do an hdinstall for knoppix or would another distro be a better choice? I live in the dorms and the school doesn't like it when people use multiple IP's. I might be able to get away with using two, but just one would be preferable, so would I be able to use the PXE server also as a DHCP server for my laptop and have that work ok? I don't see why not, so is it easy to do?

Basically I think I can do it as it seems pretty easy and I've read Jason's guide at EOC and the stickies, but I want to know if there is anything else I should be aware of and if people here would be willing to answer my n00b questions. I am planning on running FAD on them.

Thanks in advance