I'm using the 4165B (4163B replacement) and I only have a 1Ghz P3.
And it works just fine for me.
First the drive really needs to be by it's self on an IDE Channel.
ie 'Master' and no other drives on that cable.
Then check the settings in Device Manager under IDE/ATAPI Controllers
Then check either primary or secondary (prefered place for Drive) and make sure the drive is using UDMA-2 in the 'Current transferMode', 'Transfer Mode' should be set to 'DMA mode if available'
Any computer should be able to read the Drive, a slow computer might struggle burning @ 16x
I assume the 2.4Ghz min specs are for making DVD video.