Hi Eric,
I've been using the VI live in a gigging environment with my Macbook Pro (early 2008, 2.5GHz, 4GB RAM), with excellent results.
I've had no issues using both using the onboard sound and also using my Moto 828mkII (firewire), in both cases streaming the samples off an external 2½-inch 7,200rpm SATA laptop drive mounted in a USB "ICY box" (bus powered). I was anticipating having to replace the drive with a firewire unit, but it works flawlessly.
Also, the convolution reverbs built in to VI are lovely, but really, really processor intensive. So if you put the slider down to -∞ (i.e. off) the processor usage drops right down. If I use VI in either standalone mode or via Mainstage, there's enough welly to drive the convolution reverb, but not so in Logic where I use Logic's Platinum (non-convolution) reverb to avoid glitches.
I've been easily able to get down to a 128 sample buffer -- as you say, anything more than this starts to interfere with playing.
Since the current Mac Minis are of a pretty much equivalent (or greater) specification to my setup, I wouldn't anticipate too many problems.
Hope this is of some help,
Edward.