It won’t officially work, but it’s not too hard to get it going. I just moved a similar box to 24H2 LTSC.
OP, you’ll probably need to run “setup.exe /product server”, or follow a recent guide. You’ll also need to do this for every major upgrade (i.e. yearly)
I agree though with the plan to use this as a test ground. I also recently upgraded a Lubuntu system to similar specs, and it runs pretty smoothly. But learning Linux takes a lot of time they don’t have.
I did this back in the days of Smoothwall, ~20 years ago. I used an old, dedicated PC, with 2 PCI NICs.
It was complicated, and took a long time to setup properly. It was loud and used a lot of power, and didn’t give me much beyond the standard $50 routers of the day (and is easily eclipsed by the standard $80 routers of today). But it ran reliably for a number of years without any interaction.
I also didn’t learn anything useful that I could ever apply to something else, so ended up just being a waste of time. 2/10, spend your time on something more useful.