The beta runs pretty ok on my eee pc 701sd and I am on the older one.
Flash drives are Gigabytes not Gigahertz, storage space not memory so that would have little effect on performance.
Although it would be nice to say go for the second beta of the kde release, I am not sure how close the next release is that will require a reinstall.
Arn't the old repos frozen? Trying to update or get new software for minime won't work properly, I expect. At least that is what happened with my 2009 install, hence why I am on the beta now.
Is your feind familiar with linux?