It seems like you should be okay. I have played in three of the four closed betas for ArcheAge and looked through all of the graphic settings several times. I have a powerful system, so maxed everything out...but I did decide to turn down the player limit of what I would see to the minimum of I think 50 because the more people around just ends up clogging up the playing area. The extra players will constantly be blocking access to quest givers and quests that involve killing an enemy or picking up an item will get harder to do because of the extra players taking the item again and again or getting first hit on all the enemies.
With all of that being said, the game is not very demanding and played very smooth overall. Since you mentioned having the i5-4200M, I would think you are referring to playing on a laptop. Which I would also assume your display would probably not be 1080p...but rather in the 1366 x 768 or 720p area of resolution. If that is the case, then that of course will help to hit medium or maybe even high settings.