I recall hours of fun with a heavily modified CFS2 install, this had many ships,effect mods and numerous scenery additions, I had back then a p200 with 128MB of RAM and 2 Voodoo 2's, later, a Geforce 2 MX400! (wow!)
Any old timer from the screenshot forum will remember my consistent to the point of annoyance screenshots, mainly CFS2 and all bar a few with my humble specced PC above.
In short, the system requirements you mention were unimagined back when CFS2 was developed! Its a little like saying you need a 10Ghz CPU for CFS3
I never had a hint of trouble with CFS2 and a machine well below the minimum specs required by CFS2 (266mhz!) I therefore have to point out that you certainly do not need 1.5GHZ of CPU power, nor 512MB of RAM for CFS2 to run well at high settings.
480 x 720 x 16 is a resolution I never used with my p200 nor, for that matter, my current PC......
Posting drivel here since Jan 31st, 2002. - That long!
"He who laughs last, thinks slowest."