Q: 2007 MacBook and OS X Lion

I bought my White MacBook in August 2007.  It was the lowest end model you could get at the time. It's Hard Drive died on me in August and after realizing I won't be able to afford a new Mac for quite some time like I wanted to, I decided to just buy a new Hard Drive and fix my old MacBook.  So since last night it's up and running again using OS X Snow Leopard. 

I've been hoping to upgrade to OS X Lion since I made the decision to reincarnate my old machine but I had a question about the TrackPad gestures.  I asked an Apple Store Genius when I had him looking at my MacBook and he told me that the two finger swipe to go back a page in your web browser, and the three finger swipe to switch between full screen apps was available, but the pinching/rotating features found on iOS and the Mission Control Feature wouldn't be available.  Can anyone confirm or deny if this is possible?  Since the TrackPad features do seem to be a big part of OS X Lion, I'm not sure I'm willing to upgrade to it if the majority of the TrackPad features aren't available to me.

Also, since this computer was the low end model back in it's day, and all I did was replace its Hard Drive, I didn't upgrade the RAM or anything, do you think OS X Lion would even run well on it?  Any feedback would be much appreciated, thanks!