Yup, you should have little or no trouble running all of the best bits of Flight Sim 2002 efficiently.
Frame rate is basically how quickly your computer can update the image on your screen. For example, at the cinema, the frame rate is in the region of 24fps (frames per second). If you run a high performance game like FS2002 on an old PC, you may get frame rates of 10fps or less, meaning that the CPU struggles to keep up, resulting in a jerky image, and poor gameplay. In MSFS, you can keep an eye on the frame rate as you play by pressing Shift+Z. It should produce a readout at the top of your screen (although I am unsure whether this feature is in the 2002 version)
As long as the value is roughly 20 or above, you won't notice any adverse effects.
Regards
Mike