Debian can still work, but you'd have better chances with legacy LXDE, or starting with no DE and installing IceWM.
Q4OS Trinity, antiX, and Damn Small Linux are all Debian derivatives known for being able to run on very old systems, and they're among the most lightweight distros I know that are still functional for most purposes.
VLC's file format support is amazing for a project that rolls its own codecs, etc, but it's missing some important features for me on the music front, primarily gapless playback and library management. I generally prefer to use software tailored to my DE. I've yet to find a better video player anywhere though; GNOME Videos and Kaffeine come closest and are a little easier to use, but are still far away from VLC's capabilities.