Hi!
I have no experience with such hardware, but basically, it should be
possible to install a system on it as you want to, if you take care of
the architecture and the fact that flash cards work only for "a few"
(x*10000, where x is quite small, afaik) writing cycles, so don't
compile on it. Anyway, I would do a backup first (with dd, to get the
whole thing), in case something doesn't work as expected. If you have
that backup, nothing really bad can happen.
Greetings,
Leonie