Err, No, not a chance in high hell that laptop can deal with it.
I know the HT&L works fine on Radeon7500, Radeon9200 Pro and a GeForceFX5600.
For a new comp I'd aim at somewhere between the two Radeons in power. The 9200Pro really isn't a bad card, about on the same level as a GFFX5200. For some things it beats the GFFX, others the GFFX wins, but on average...same sorta power. I think it retails at 100.
One thing I did notice is that my GFFX5600 is wasted playing Morrowind, yet it's pretty much flawless on a friends machine with the Radeon9200Pro. I guess this might be some specific issue with my machine though, as I've seen benchmarks suggesting much better frame rates on the GFFX5600 running Morrowind. Oddly enough just about every other game runs fine

With the 5600, I get 60+ FPS on FSO HT&L builds on average. 90+ when there's 0 or 1 ship on screen.