Oh I'm running a 3.2 Gig machine with 2 gig of ram on a 1TB HDD. It's running CentOS installed under the BlueQuartz 4.8 installer. Yes I know it is old but right now this is what I have to work with. You don't even want to know what I'm using for DNS servers LOL.
is it a single core? if so you might experience some significant load just from a modern install of CPanel, I'd totally recommend Webmin on there if you reconfigured