HW: z196 SW: z/VM V6 and under this running a OS/390 2.10 with CICS 2.2 + DB2 V7.
I've done some minimal testing with an environment almost that old (z/OS 1.2) on a z196. Results were not positive. It didn't like the z196 channel subsystem setup at all. I'd guess that it might work on a 1 book system (emphasis on MIGHT), but I'd say that it's time to upgrade.