Wow!!! That is one serious eclectic collection of hardware. I won't go into just how mismatched the components you currently have now as I don't want to derail your question.
The simple answer is; No, your underpowered Video card is enough to torpedo any chance of reasonable gameplay. But you shouldn't be asking a forum for their "opinion". Do the metrics my friend, do the metrics.

You will find that the headset has very little to do with performance in-game. It's the GPU that does all the heavy lifting.
VR Ready test software is widely available.
You can start by downloading the steam test utility. Oculus also has one but I trust the Steam utility more because until the release of the Valve Index last year, they didn't really have a dog in that fight.
Oculus also has a similar test. As the saying goes; "Just Google it"
FYI. In 2018 I got my first Rift. I started with a GTX1050 and was dissatisfied. I upgraded to an RX480 then to an RX580 with modest improvement. It wasn't until I got a GTX 1080 TI that I got very satisfactory results.
Here is an example of Steam's output. You'll note that I have anything but an average system. It's a socket 1150 I5 motherboard from 2014, hardly high-end. But I did spend the money on the GPU. In my case it was a refurb off Amazon that I then retrofitted with a Arctic Cooler to eliminate thermal throttling. All in all, I ended up getting a card for $500 that performed like an $1,100 card.