Performance on iPad 1

This app is looking really great! I’m on the verge of purchasing it, but I would like to know how well it works with iPad 1. In the demonstration it seemed to run well on iPad 2, but I’m a bit worried a scripting language like Lua may be too much for the original iPad to handle in more complex situations.

Does Codea run on iPad 1?
If so, how is the performance (for example for the cloth simulation as seen in the demonstration video)?

I use it on my iPad 1 for development and it runs fine. Obviously not as fast as an iPad 2, but most of the samples run at at least 30 fps.