Hello,
despite every warning (4/32 is dead, rip, etc.) I made some testing with a WR512-3GN device (should be the same architecture as these famous $5 a5-v11 mini router - if I'm right) which is only packed with 32MB of ram and comes with a lightweight 4mb of flash.
I needed to cook a custom image because the one provided is only for the 8/32 edition of the device I don't own.
I stripped some things out (-ppp -ppp-mod-pppoe -kmod-ppp -ip6tables -odhcp6c -kmod-ipv6 -kmod-ip6tables) while adding another few things (uhttpd uhttpd-mod-ubus libiwinfo-lua luci-base luci-app-firewall luci-mod-admin-full luci-theme-bootstrap). For the kernel configuration I removed crashlog, debug info and debug kernel, kmod-ppp, ppp and ipv6
This was my first shot and it's working
The 'user' experience for me is the same as it was on 18.x or even 15.x. No lags in luci or anything.
I really wonder why rampis devices perform so good (actually without any limitation as far I can see) but other device architectures like atheros for example suffer (or even fail) a lot with only 32MB of ram?