I did the same thing with my netbook 4 years ago, but I went with Debian instead to make my life a bit easier. It was, at the time, one of a small number of distros that still officially supported x86 32-bit binaries.

The challenges came from tracking down working Wi-Fi drivers for the proprietary hardware and updating the BIOS, since the stock version has a bug where it emits lid close events that Windows XP ignores but Linux dutifully handles.