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It should.
It works this way in Debian 8 so it should work in Ubuntu.

Then first try:

mkdir /etc/X11/xorg.conf.d
followed by the rest of the commands.

Try this:

nano /etc/X11/xorg.conf.d/synaptics.conf
paste this:

Section "InputClass"
Identifier "Touchpad"
MatchIsTouchpad "yes"
Driver "synaptics"
Option "MaxTapTime"...

Install at-spi2-core

I have Debian Jessie on an eee pc 4g installed using expert install, no swap and lxde-core with --no-install-recommends.
I moved some folders to tmpfs to reduce writes and I've got firefox...

Maybe skip creating swap and install lubuntu-core with --no-install-recommends.

Try to install ubuntu mini-iso followed by lubuntu-core as described here:
https://help.ubuntu.com/community/Lubuntu/Documentation/MinimalInstall

WPS Office is also an option for spreadsheets and word documents.
I use it on both Windows and Linux and it's much faster and takes less space than LibreOffice.

Install lubuntu-core via minimal Ubuntu ISO:
https://help.ubuntu.com/community/Lubuntu/Documentation/MinimalInstall#Full_install.2C_minimal_install_or_core_install.3F

That's a directory.

Skype works just fine on an ancient Asus eee pc 4g surf with a 630MHz processor and 512MB of RAM. :D
Skype for Windows, on the other hand, is a resource hog.

I'd suggest you start with minimal Debian stable system and then install lxde-core.
You can even add --no-install-recommends to the command line for absolute minimal lxde-core.
This will give you a...

Try using firefox with ublock origin plugin for ads filtration.

Direct rendering is active so the driver is loaded and operating fine.
The cause is somewhere else.

What is the output of this command:

grep "direct rendering" /var/log/Xorg.0.log

I'm running out of ideas.
Try using full paths in your script.
Instead of:

i3lock -i ~/.lockscreen.png
use something like:

/usr/bin/i3lock -i /home/username/.lockscreen.png

Post the output of:

cat /proc/acpi/button/lid/LID/state

The scripts you posted are all jumbled up.
Post your exact scripts properly in code tags here.

Event line is in the wrong format.
It should be like this:

event=button[ /]lid
Notice the parenthesis and the slash.

I use Debian Jessie but things should be the same in Lubuntu 14.10 you are using.
Make sure acpi is installed.
Create a file in /etc/acpi/events named lidbtn with these contents:

#...

It can be achieved by using acpid.

You need to:

nano /etc/systemd/logind.conf
Uncomment HandleLidSwitch entry and set it to 'ignore' like this:

HandleLidSwitch=ignore
Restart systemd-logind:

service systemd-logind restart...

It can be switched off but you need to boot from a live linux CD to do so.
The disk on which you want to switch off journaling must be unmounted.
Then you just issue:

tune2fs -O ^has_journal...

Just install policykit-1.

The best way to reduce CPU load is to start with a minimal system and then add a light desktop environment such as LXDE.
That's the way I do it.
I install minimal command line system using...