Install Mach, run the driver test, assuming you will be using the PP and not an external controller, if that looks good then open Mach and load up code and run and see if anything hangs or slows or whatever. If all looks fine then chances are it will be ok. No one will really be able to say it will definitely work or it wont, only way is to try.
If you will be doing a lot of 3D stuff then chances are you will need a faster processor but if its mainly simple 2.5D stuff then you may be fine.
I run two of my machines with Via Pico mobos, 1GHz,CPU with 1Gig RAM and they work very well, I do however use external controllers so a lot of the overhead has been taken away from the computer.
Hood