You need to compile your kernel with framebuffer and VGA text mode support.
In menuconfig or xconfig under "Console drivers" select "VGA text console" and "Video mode selection support". In "Frame-buffer support" I chose "VESA VGA graphics console", "Advanced low level driver options", and "8 bpp packed pixels support". Everything else I left unselected. Read /usr/src/linux/Documentation/fb/vesafb.txt and determine the vga mode you wish to use. You will probably want to use 800x600 at 256 colors, which is mode 0x303. Pass this to the kernel as a boot argument "vga=0x303"; put this in either lilo.conf or menu.lst (grub's data file). I needed to experiment with it for a while; I believe this will get you close, but your hardware is different from mine and you may need to experiment a little too. Good luck! Kevin