The ability of a P100 to handle your load really depends on what those queries are doing.
If they are fairly simple selects with few updates and inserts, then yes, 10,000 queries a day is no big deal, but if they are complex, CPU intensive queries you could have issues.
What's the maximum load the P IV operates under during the day?
You can probably get by on an old PII-300 or something just fine, but going all the way down to a P100 may be a problem, as many machines of that class had chipsets (VX, TX, FX) that could only cache 64 or 128 Meg of ram. The HX chipset, much less common, could cache 512 Meg of ram, and with one of those machines you might be able to throw enough memory at the problem to make it work.
By the time the PIIs came along, the chipsets were caching at least 256 Meg of ram, and those machines have much faster memory busses and internal caches.
a PII-350 can be had for no more than a P100 really, since they're both obsolete by today's standards.
Better yet, find a Dual PPRo200. I've got one under my desk that was being traded out, and it's about 1/3 as fast as my 1.1GHz Celeron at running postgresql, easily a match for my old PII 300s, and seems to handle parallel load better being a dual processor box.