There are a few things you'd need to counter in before making such a request...
1) Planeshift has massive maps. That takes RAM.
2) GPUs below the minimum PS spec are ancient tech-wise. If PS was downgraded to those specs even just to support them, the game would look... <insert insult here>... crap? terrible? There would have to be low amount of triangles, meaning the characters would have less detail (ie-no fingers, etc.)
Not only would this mean the art team would have to redo ALL the art to fit the low-spec version, which takes time, but it just wouldn't be worth playing.
And all this for the few people with low-spec netbooks?