Go for it. What have you got to lose?
A member a while back was using an older Inspiron 1502. He over-all had everything working just fine except One Trouble: Graphics Drivers.
Other options include using Zorin 12.4 Lite.
In my opinion, You would get more from Zorin at a reasonable performance. However, if you want to go for Light and Fast, Antix may be what you want. It is a very simple desktop and OS and it does not come with a lot of frills. This also means, Antix OS may struggle on heavier applications you may want to run on it. And you would be more likely to need to fill more dependencies to install packages.