You would be surprised how efficient they try to make it. For perspective, the original Raspberry Pi model B had only 256 MB of RAM. I happen to have one, and it runs Raspian AND Node-Red at the same time rather happily. The only time it has problems is when I try to make the Pi itself render several dozen charts, which isn't a good idea for any small or underpowered system.
That unit of yours sounds quite capable, even if the library you have to choose from is outdated. It's a shame Node-Red doesn't have an install for it. That would make everything a lot easier. What's your project you're trying to build? I always find projects that use underutilized routers or other network devices fascinating. I have a PogoPlug v4 I played with a long time ago. This makes me almost want to dig it out again...
