LFS works on both 32 and 64 bit Windows (XP, Vista, 7, 8 and 10).
Minimum computer requirements
2 GHz CPU, 256 MB memory, DirectX 9 capable 3D graphics card.
Recommended computer requirements
3 GHz CPU, 1024 MB memory,
3D graphics card with at least 512MB memory.
LFS is mostly CPU dependent due to its physics calculations.
A full multiplayer grid requires a fast CPU more than a fast GPU.
I'm not sure, if they updated it since new Blackwood and Rockingham versions, or these are still with the old tracks on mind. Never mind, I actually read them just now, and this "minimum" can't be right for the revamped Blackwood, probably even the "oldest" revamp of Westwood will give hard time to such PC.
Then again, there's new graphics engine in the works, which will basically move the whole game like ~1-3 generations ahead in the PC-game-tech world, so what is now minimum to run new Blackwood, may be not enough after the next big patch. Although if you are already running new Blackwood smoothly, the extra performance hit of new patch may be not that big... (who knows, there will certainly be some period of test patches before the final release, when you will be able to test).
But I bet Scawen want to stay strong in VR, so I guess the "minimum" specs coming with VR headsets should cover LFS even after the patch. Those are often quite powerful machines, so for non-VR you can use even something weaker, but if you can get those VR minimum specs, you should be safe with LFS for next couple of years.