I would probably consider upgrading to at least 1.5 - 2GB RAM.
The problem is that the Atom really isn't capable of performing at peak threshold. Part of the way it minimalises the Watt to GFLOP ratio is by limiting the overall speed of the device. It also has poor cache etc due to it's small size which could make running realtime effects a huge setback!
You could probably record around 4-8 tracks so that's not a concern, but when you start thinking about even basic effects in a chain, you're going to see very quickly how much your computer is going to struggle.
If possible I'd recommend having a PC somewhere you can use as a slave device to perform the complex operations for you, it's very easy using Reaper's Reamote feature.
Make sure your computer can handle the latency for the hardware as well, it might not be a problem, but you will need to set a high buffer and even then it's going through USB on a computer that has a low bandwidth etc.
It all depends whether you want to use your computer as a voice recorder or a studio.