Maarsch :
Mostly, yes. But there's a CPU minimum (i5-4590).
GPU min is current generation and higher end at that.
CPU min is more forgiving.
Officially you're under the minimum with that CPU, but you can download the steam VR tester to see how it measures up. My i5-3570 is a bit higher on the food chain than yours but also officially below minimum and scores well enough . . .
As refillable said: Hasn't been dramatic improvements in CPUs in a bit so that 4590 is only marginally better than my 3570, and perhaps your 3470. But we'd be at the low end of workable.
I think your 3470 would still do fine on VR, don't be too worried about minimum requirements.
My idea was to pick up skylake cpu and mobo before I get the oculus, but I'm starting to think I may just wait until the 7th gen cpus come out!