Well I finally did it. 486SX @ 2MHz
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486SX @ 2MHz w/o L1 Cache
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The way I made it work was a BIOS swap. The board came with an ancient NCR/IBM BIOS and I flashed it with the latest BIOS (3276gn1.bin) provided by FIC. The latest BIOS won't boot into DOS at 4MHz. Later I flashed it with another BIOS (att409be.bin) provided by FIC and that's where the story begins. Now I flashed the original BIOS back and it boots at 2MHz.
Here are some other facts I observed. The PS/2 keyboard stopped working at 8MHz and lower. The floppy drive sounds weird at 4MHz and lower.
Some of the issues might be CMOS settings related since the att409be BIOS refuses to boot at 4MHz if BIOS and VGA BIOS shadowing are turned off, but the system is too slow for me to check every possible combination of settings.