I am running 2008 R2 on a 64bit dual core celeron so I would imagine the CPU and RAM are easily enough. The only consideration is the storage and drivers for storage. Have a look on HP's site and there are plenty of 2008 64bit drivers available:
http://h20000.www2.hp.com/bizsupport/TechSupport/DriverDownload.jsp?prodNameId=3279707&lang=en&cc=us&prodTypeId=15351&prodSeriesId=397642&taskId=135I would say yes it's fine but depending on the roles you want on each server it might be work looking at the overall hardware hit. If it were me, I would go ahead and have a go as all indicators point to this being fine.
Hope this helps!