Question about older Imac G5

HI, I just bought a used (mint condition) Imac G5 1.8, 2gb ram, 160 hard drive, Leopard 10.5. I planned on getting an external firewire drive to run protools 8 and an M-Audio Profire 2626 interface. I don't plan on using plug-ins or virtual instruments. At most, I'd like eventually record 12 simultaneous tracks with an additional interface. Am I wasting my time trying run a home studio with this computer? It was a great deal but I'm feeling that I should have invested in something better. Any advice would greatly be appreciated. Thanks.