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Simple color detection can be done on just about any hardware you can buy. I don't have any low-end hardware around to give you a quick benchmark with, but the algorithms are not complicated at all. The trick is tuning your filters (color and size and shape) so that you get few enough false negatives that you're not just spraying everything, and not so many that you miss weeds.
I think it's certainly feasible, although whether your method works depends on what the scene really looks like. I assume you can add a light so you don't have to worry about sunset or night changing the color of things.
It sounds like an interesting project.