Aye, got a bargain on a 133 board and 750 thunderbird, happy beyond all expectations.
The K6 was a bargain basement chip. I think most of the frustrations with it are people who got one as part of a package not informed on what they were buying. I was happy with my K6-2-450, not because it outperformed pentium III 450 (not even the same ballpark), but because it cost me a whopping $40. Knowing what I was buying, I was satisfied with what I got.
Now they're not only producing chips cheaper, but better at the same time.
Back to the original, I did okay with my K6-450 dropping down to 1024 res Redfishn (held 30+ framerates in 32bit). I'd drop all the way to 640 and/or 16 bit if it meant better frame rates. I did have a bit of memory (256 megs) and a decent 32meg video card. With the latest generation hitting the stores now, you might look at some of the 2nd, 3rd tier, you can get some real bargains. Depending what you have in there a little memory probably wouldn't hurt either (though really I'd suggest upgrading the K2 chip, not sure if you're open to that yet).