Will this PC be Ok for developing for UE4
Yes, that rig is ok. The only thing I will suggest is a bigger hard disk.
You can see the official recommend hardware here: https://wiki.unrealengine.com/Recommended_Hardware Also in the forum there are a few threads like this one where people is sharing it experience with different specs.
I currently running UE4 in a modest laptop: Intel i5 2.3ghz, 8GB RAM, NVidia GeForce 540M, and is fine for learning and working on my mobile game project.
You need at least an acceptable GPU, and more than 4GB RAM. Anyway as soon you open UE4 go to scalable settings and set all to low. Disabling motion blur and high quality effects you can play nice with UE4.
In case your project is more ambitious like big outdoors with high polycounts and complex shading then you have to upgrate to most powerfull pc.
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