Troll wil run if enough RAM (plenty of TT-RAM is better). Have a look at the ST-Guide (*.HYP file) documentation provided in Troll's archive.
You need to study the TCP/IP layer that will be used on your Aranym setup. Troll can run with MiNTnet+GlueSTiK (GlueSTiK only needed for the resolver function) or STinG or MagiCNet... I advise MiNTnet.
Aranym/TOS4 without NatFeatures (fVDI, ethernet, etc) will be really slow and limited. Maybe STinG with the emulated serial? Better use Aranym with MiNT and add-ons.