I believe that is too small of a unit for you to do much with. They are cheap but you are asking it to do a lot.
You would be better off with a Beagle Board or similar. Or you could go to a place like Boundry Devices and pick up a small Atom Processor based board or if you can run ARM based Linux then something like the Free Scale i.mx6 would be well worth the difference in price.
There are other boards available under $150 that would work much better for your project than that thing.