The board is good enough.
What processor?
Any of the processors i3, i5, or i7 will run it, just the i3 would probably bottleneck.
Not sure about the i5, and i7. Probably not much.
The consumer grade Intel CPUs have only improver, a little bit since Sandy bridge.
A lot of the improvements, are on-board graphics, which you don't need.
It won't hurt to try it, you can always upgrade later.