Poudriere on low powered machine

I'm looking to set up ports-mgmt/poudriere on a low-powered server, specifically the HP 470. I was wondering if this is too low powered of a the machine to run ports-mgmt/poudriere if I am not using ZFS. I don't care if it takes a long time to compile packages (within reason) as long as it works. If I set the configuration fairly conservatively will this work? Or will the poudriere blow up in my face?
There's not much overhead caused by poudriere itself, mostly the jail cloning is slightly time consuming (not CPU consuming at all) if you're not using ZFS. It won't blow up in your face if you use the default options, they are quite sane for a reason.
No, I'd give it a shot with ZFS. Even with 2GB of memory it will work just fine. You won't get stellar performance of course but it'll work nonetheless.
See if you can stick a bit more memory in it. Memory is fairly cheap these days, so for an older server it shouldn't cost much.
512MBs won't be enough to compile some of the medium sized ports, larger ones would fail for sure. ZFS can be made to work with only that little memory with some tuning but it's not really worth it.