Yes, X Terminals get connected to Unix (Linux) hosts via Ethernet.
1) Install the BNC Ethernet card and connect it to the Terminal.
2) Run wireshark on the interface of the BNC Ethernet card.
3) Power up the terminal. See what Wireshark shows you. You'll probably get a BOOTP/DHCP request.
4) If yes, then install a DHCP server on your Linux box. Configure it for a private IP subnet different from other subnets you use.
5) Power up the terminal again, see what happens this time. Some terminals may need firmware via BOOTP. If yours does, then it'll get difficult. If it doesn't and you see some X protocol stuff (XDMCP), then
6) Install a display manager on your Linux box (e.g. xdm), configure it for the remote X terminal (man xdm for details).
If everything works, you should see a login screen on the X terminal, and be able to login from that to your Linux box.
I may have forgotten some steps, but Wireshark will show you what's going on, and give you ideas what's missing and what needs to be fixed.