Quick video of TinyCore Linux running on the Raspberry Pi. Instructions are fairly simple and didn't take long for me to figure it out. As you can see in the video, it runs quite smoothly. Apps open very fast but obviously anything that requires some CPU speed isn't going to be blazing fast.
As of right now, the software is pretty limited (but so is my knowledge of TinyCore). I've been using the TCE package manager and viewing applications from the repository. As in the video, you can get Python using TCE and I just used the standard Editor to write my sample application. From a basic (and beginners) standpoint, Editor and Python on TinyCore would be the perfect programming box. I have NOT looked into GPIO access but I'm sure it can be easily obtained.
If you have quetions, I will try my best to help but you're better of going to either the Raspberry Pi forums or TinyCore Linux Forums.
Thanks for watching!
http://tinycorelinux.net/ports.html - Download,Forums,and ReadMe (Raspberry Pi is towards the bottom)