Yeah, I ran Office 2001 on a Duo 2300c with 56 MB of RAM just fine. I think I was running Mac OS 9.1 at the time. (I used that machine as a primary notebook for about 3 months between selling my PC notebook and getting my 12" PowerBook G4.)
As others said, it'll be fine - when my 8100/80AV still worked, I ran Office 2001 on it, and it was fine. Currently I have it installed on my Performa "6260", which has a 100 Mhz PPC 603e, and its fine.