Hi Jim,
It can be done but... there are some compromises needed. For a start you need some extra DLLs - the various gcc dlls, freetyp, etc. and maybe the java runtime, which allows the use of jftp.
My version of OS/2 4.52 is running on fairly modern hardware, Ryzen 4 core with built in graphics CPU, 4Gb memory with full USB, 1.1,2.0 and 3.0. To do that I have a few special directories to hold the extra files.
Firefox esr 38.8.0 is a bit long in the tooth now but works well for most of the sites I visit and I seem to remember that it is one of Dave's ports.
My main work version of OS/2 is based on ArcaOS 5.6 with most of the linux junk stripped out. It is connected to a hanns.g 28 inch monitor via an hdmi kvm switch, my linux box is connected to that monitor as well and is mainly used for firefox to allow me to get to some sites that require a newer version to work.
Don't give up, but build what you want.
Edit: I should have mentioned the reason I'm using ArcOS is because the old OS/2 does not work very well with my Ryzen gen 3 processors.