not the youngest netbook ‒ will it run Lubuntu 14.x?

[engine]

Here's what the summary says I have:

Processor : 2x Intel(R) Atom(TM) CPU N270 @ 1.60GHz
Memory : 1016MB (236MB used)
Operating System : Ubuntu 12.10

Can I just go ahead and upgrade straight to 14.x?

[kalehrl]

Of course it will.
I run Lubuntu 14.04 on much lower spec laptop:
Intel Celeron M CPU 410 @ 1.46GHz
512MiB RAM
Mobility Radeon Xpress 200M
60GB HDD
and it is perfectly usable.

[jakeblackburn6]

Check here. https://help.ubuntu.com/community/Installation/SystemRequirements

[Dennis N]

I have Xubuntu 14.04 installed on an Atom D510 system and it is acceptable for basic everyday use. The NVidia Ion Graphics processor it came with helps a lot with any videos, I will admit.

You will have to do a new install. You will be unable to upgrade 12.10 to 14.04 (there is no longer an upgrade path to 14.04).