I tried using a 266MHz P-II with 128MB ram and to my surprise the system worked pretty well. I was able to edit and flash with no apparent problems. Where I did find a problem was in logging. It couldn't keep up with the minimum PID selection for AutoVE. So I have dumped it for a faster machine. YMMV, but you should look at getting the minimum recommended 500MHz and at least 256MB RAM.
This message, FYI....