Elementary OS recommended system specifications for the best experience:
Recent Intel i3 or comparable dual-core 64-bit processor
4 GB of system memory (RAM)
Solid state drive (SSD) with 15 GB of free space
You could try, but in my opinion you should pick a lightweight GNU/Linux distributions(Xubuntu, Lubuntu etc.) can be ...
One thing I noticed while going through this old system was that it only had 2GB of RAM. I happened to have some memory laying around that worked for this system and after upgrading it to only 4GB of RAM and booting it up the 550RX fired right up.
It appears that this GPU needs more than 2GB of system memory to function.