Please god no. Xcode is miserably slow on a 2011 Macbook Air. I don't even want to think about running it on something with a small fraction of that horsepower.
There's not much stopping Apple from enabling this right now but maybe they see the developer market as a way of generating more Mac sales? Look at the $35 Raspberry Pi - it has a HDMI port and runs Linux, with a fraction of the power of the iPhone 5.