If your distro comes with a rescue disk (or option like in RedHat) - use it and try to remedy the problem.
If not, put an unprotected floppy in the drive of another working linux system with a compatible kernel and do the following:
# dd if=/boot/vmlinuz-X.Y.Z of=/dev/fd0
# rdev /dev/fd0 /dev/hda1
This will create a boot floopy with a working kernel (hopefully!) with the partition /dev/hda1 as the root filesystem.
Now try booting on the 486 with this floppy... It will load the kernel from the floppy, try to mount /dev/hda1 on / (root fs) and continue the boot process from the hard disk.
If it works, that's great!! Don't forget to fix your kernel+lilo issue for the future.
If it leads to nothing, I'm sorry but you might better try reinstalling everything from scratch, because I don't think I'll be able to help you anymore remotely...