HELP. bandwidth management/control

[whenever]

I posted this once, for some reason I don't see it show up on the list.
Hope someone can help me on this:
      I have a DS1 circuit and 8bit routable address (254 hosts).  I am looking for an active device that can limit bandwidths.  I need to give 1.288 Mb to one host on the network, the other systems share the leftover 256kb.  Here's what I been looking at: setup 2 subnet, I think my cisco router can do ip subzero(IOS 11.3 and above?).  Setup one of the ethernet port's BW to 256k, does anyone know this way works? Could it really limit the BW based on the interface setup?  I only have it setup as one subnet right now, if the above works, I just have to change the flat setup to 2 subnets, then I lost 1/2 of the IPs.  I know switches works on layer 2, but I dig around with a 3Com Superstack II 3300 anyway just to hope it has layer 3 for bw management. I saw BW control for that switch, but it's only for traffic management under heavy load, not able to limit bw on a port.  I would love to hear anyone have a solution or know any device can do that. 

Thanks