Sorry - had to sleep. So monkeybrain20122 is providing good advice.
Nothing will predict whether CentOS works or not like installing it. I'd give it 10G - java always needs a little more disk. I helped someone install it on a laptop a few days ago - took about 20 minutes. During the install it provides lots of options - choose "desktop" and I would pre-setup the single partition you need before. Reuse the swap partition already on the machine. That is fine, unless you hibernate either systems.
You asked if I would be concerned running an unsupported/non-patched OS - YES! Attacks do not just come from the outside world. They come from any device on your internal network. TVs, media players, any connected devices, including computers, smartphones. Be afraid.
If Ubuntu 12.04 is "too new" for WebEx to support - they have huge management issues. That is not it. I think Redhat 6 is newer. It is purely a business decision, I'm certain. The US-DoD uses Redhat, therefore it is supported. Until a very large "paying" WebEx client uses Ubuntu - it will not be officially supported. WebEx is from Cisco. Very large US-based corporations use it, including the US gvmt, so those companies dictate which OSes are supported. I've worked inside a few of these and they definitely work closely with all the big hardware/software makers to get what they want.
Oh - and USB will be slow. Even USB3 is slow. It might be just fine, only you can decide.
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