I have an older laptop with low processing power as well, I use it on the go as it's very light and the battery lasts quite long. It wasn't unstable, though, but got unresponsive whenever I did an update in the background. I run Arch on it.
I moved from the vanilla kernel over to the cfs-zen tweaks, which made a difference in responsiveness. I wanted even more and installed the zen kernel, I can't really tell the difference to the cfs-patches allone, but in general it is responding really well even in stressfull situations.
Just give it a go and test it out, on most distributions it's quite easy to switch back and forth between the zen kernel and the vanilla kernel.