The Pentium 4 G1 came out in 2004. The Intel Atom x5 Z8350 came out in 2016.
I'm going off memory from the times around my college years, but the Pentium 4 was somewhat infamous at the time for having high clock speeds but at the cost of poor performance. I seem to recall the high clock speeds were pushed mostly as a marketing ploy to make the AMD chips running at half the clock speed look poorer in comparison.
It's really hard to know without trying it but I suspect it'll run fine. In my experience, LabVIEW is more performance-dependent on time spend loading things into RAM and waiting for responses from hardware. Not a lot of what it does is driven purely by CPU performance unless you're writing a lot of number-crunching code.
I can't guarantee anything but I do believe it will be fine.
