I would bin it. But you can compile an image from scratch and make it fit. Strip out anything you can. It will be unsupported but maybe you can use it as network ad-blocker or something. Personally I would recycle it and use $10 arm based sbc for ad-blocking. It might even use less power than the old router.
Is there a typo in the name (720/703)? Or you modded it to 4/32?
Assuming it's a typo in the name: you can probably still self compile 19.07 (ar71xxx not ath79) and remove luci/other things and it will probably still run. (I'm more worried about the ram than the flash size to be honest, you can probably chop down stuff to get it in 4MB of flash even with weird partitions but the ram is a bit of a hard limit to be honest).
Great to hear something's possible.
What if I straight route everything but also push monitoring to some external logger? Something like ipref?
That way I can use it as an access point but when something starts sucking the bandwidth I can start up a server somewhere to receive the logging and see which device is using up all the bandwidth.
I believe VXworks has ipref too.