It is running 10.6.8 and seems to have the latest kernel versions. I am operating it over screen sharing.
I managed to install VirtualBox and created the VM but I could only choose ‘Other Linux 32-bit’ and not 64-bit. With the virtual drive in place I started the VM and got a black screen with some output.
Then I tested it with ’ [homeassistant.local:8123]’ from my main computer but the page never loads.
Can anybody tell me if I am wasting my time or what I can do to make further progress ?
I think you are wasting your time. Pickup a Raspberry Pi, the money you save trying to run on 15 year old computer will be lost due to hair transplants needs from pulling your hair out 
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