8/64, yes, for now - 4/32, no, that time has passed over half a decade ago.
Removing luci and package manager won't make it fit into 4 MB flash, not that the system would still boot with 32 MB RAM anyways. That easy (plus some less easy ones) way out ceased to work in late 2019/ early 2020 - with both limits becoming a hard problem. See Can't connect to router page - #17 by slh.