Also worth adding that, yeah its paid alpha, but unlike the vast majority, CIG have done a lot of regular free-fly weeks (Fri to week-Mon usually) where you just need to create an account and thats enough to give it a try. Its a 30gb download, and each monthly update has basically involved downloading 25+gb because of the way the files are updated in 2gb PAK file if 1 file needs changing, you need to download it. Thats something they're working on improving currently, and i heard a little about whats going on during a tour of their Manchester studio, although i dont think anything was hush-hush, more explaining the issues and their options to us.
That said, with an old GPU you are going to struggle, but as long as downloading 30gb isnt a real PITA for you, i think getting to see some of it in-person even at low FPS is worthwhile. If you go into the mini-PU (MMO-to-be) and just jump into someone elses ship, get a feeling for the sort of stuff thats actually happening around you, even at 5fps, its pretty special.
Having a look at some of the decent videos out there will give you a better idea of the state of the games playability though.