Also to get that N64 feel you should definitely turn off anisotropic filtering. This stuff was so ugly back then haha.
Personally I don't care about how low the settings should go. I'm not nostalgic about the graphics at all, if anything it's what I abhor the most about the N64.
I'm playing a modern Unity made game at the moment, and I run it with everything maxed out on a GTX 460... Maybe Project Ukulele won't be as easy to run though, the game I'm playing isn't too pretty (Assault Android Cactus). If it does however, not many people will have to go with low settings.