Hey, that's my pack. 'Nostalgic' is in the description! Lots of people run it on Singleplayer only, but there are also some servers included.
The lite version is lite in the sense that it is somewhat easier to run a 1.7.10 pack rather than 1.12.2, but honestly- when it comes to modpacks as long as you can actually load up, playing should be fine. The Lite pack is also The Classic Pack prior to updating to 1.12.2, so it does not have any of the new mod updates, new tweaks/fixes etc.
2GB Ram is the absolute minimum to boot, 4GB is the recommended maximum unless you're using Shaders + a high res texturepack.
Easiest thing to do would be to load it up and see if it runs to your liking- we have a great Discord community that would be happy to give you pointers.