we used to have that running no worries on a P90 with (I think) about 256 memory. I doubt you would get a machine like that these days so minimum spec can be whatever you want.
I wouldn't recommend 2.4.4 though, there won't be any great difference in performance for the updated versions.
In fact I have built a product using the above configuration. I test it on 256MB RAM machine,
it runs fine. However my client runs it on a
64MB RAM machine, and always get a
"Communication link failure" error from mm.mysql.
So I suspect the resource is not enough.
I have already set