Yes, there is a way. But nobody knows what it is. You're the one that gets the honor of figuring it out!
No, there aren't any "proper" Linux distros for the Archos. I haven't even heard of one for *any* ARM tablet. If you really want a full Linux in your pocket, you'd probably be better off hitting up eBay for a "UMPC" (ultra-mobile PC, refers to small Microsoft-based tablets). I've been lusting after the Viliv S5 myself, a tiny 5-inch machine.
Edit: I just read up on galoula's app, it looks pretty cool. I'm not sure you're going to see much advantage from a native Linux; ARM7 is pretty slow, and the Archos wifi is rather slow as well. You might try probing your chroot installation to see if you can find out why it's so slow.