You're still going to be cutting it close with only 1.5gb ram in that phone. It still may not work. Also not sure how well a newer version of the OS will run on that low of ram.
Personally, I would skip the watch for now, it's nice, but not "hack up my phone to MAYBE make it work" nice. Put the money towards a newer midrange model phone, then look into getting the watch later.
If you're really attached to that phone though, and really want a smart watch, there are some other Android Wear based watches that will work with the version of the OS on your phone, but I don't know offhand their exact requirements.