I use Xfce on a heavy duty system and it is the cat's meow! It is like a mini-gnome. I love it. But, it is getting a bit heavy these days. Though certainly not as bloated as the two BIG players, it is coming closer all the time. E17 is a great option, though you will not be able to run compiz with just a Window manager, though with an old system this probably isnt a factor. E17 would be my second choice, I really like how that one is put together. Fluxbox is the best bet for the smallest footprint. Other WMs are the same but you can find lots of documentation and help with Flux. Certainly any of these options would slim Fedora down a bit. Also consider lighter apps like abbiword instead of OO.o.
edit: Actually just went back and read the thread
Spaze, you should be fine with that laptop. I would consider looking at Xfce though. It really performs like Gnome but is quicker and less bloated. The file manager Thunar is awesome, and you dont lose anything by using Xfce. As I said, I use it on a 4GB RAM, AMDX2 4800 just because I prefer it over everything else, and I am not one of those hard core geeks who like the spartan window managers, I like my eyecandy.