I can run PS on a 1.67 GHz, 512 Mb RAM, 64 Mb Video.
I've got everything on low quality, however, and the camera is usually short distance. Hard to navigate long distances at times, but you get used to it. There's also some problems with Hydlaa and looking either at the statue or the temple (extreme slow down), but it works itself out.
Possible; but I don't like the 32 Mb video. I'm on 10.4.11.
You can always try.