The 1050 wouldn't be a problem, but the E8400 and 4 GB RAM would likely be an experiment gone wrong.
I run it on a i7-950, 7970, and 8 GB RAM. I can use High settings with Global Illumination, Water Tesselation, Vsync, AA, Motion Blur, Depth of Field, Bokeh, and Edge Fade off, and AO and Screen Space Reflections on.
I use 1080p and average 40-80 FPS, but the FPS you get in this game isn't the only problem. It's fairly buggy even after the patching. The RAM usage with the above settings can easily exceed 5 GB, so your 4 GB RAM is a serious problem.
I've seen it run at 1600x900 on pretty good settings on a GTX 1050 2GB GPU, but with i3-6100 and 16 GB RAM. The 6100 is well over twice as powerful as your old CPU. So the CPU is also a...