I started working on a DOS-based project and played around with Rust before deciding that it was going to be tough and would not be as optimal as just dropping to C and using OpenWatcom which is pretty capable considering its age, IMO.
https://github.com/teknoman117/ts-3100-images/tree/master/ru...
(for this SBC: https://docs.embeddedarm.com/TS-3100)
My goal was to follow blog_os on this board for fun. Main sticky point is the 386 not having any hardware atomic operations (which didn't show up until 486).
I recently got a current Gentoo base environment booting on a 133 MHz AM5x86 based industrial SBC and it takes 3 minutes to compile hello world in C++ (70 seconds for C) so I'm not super confident you'd even want to use rust compiler on a 486, even for "a day in a programmer's life from 30 years ago" experiment.
EDIT: though I wonder now if you could use the fact that flags are returned from basic memory ALU operations to implement some basic atomics.
I wouldn't mind having Rust on 486 but it doesn't look like it will ever be possible from what I read about its architecture.