Speed yes it will suck also not many programs can be installed in that amount of space. To install simply boot the installer select the drive you wish to install on then let it install on it. When you reboot you hold down Option key to get the boot device selection screen or you could have selected the new install from the Select startup boot volume menu in the installer instead of having chosen the restart option once it completed..
Nothing should be needed if your eligible it will show up. One thing to consider is that downloading it from the App Store will start the installer if you wish to use it again copy the install application from the /Applications folder before you begin an install as it will delete it once you close the window or the system is done installing.