This question was long ago, but my 2c.
i386 or 32-bit is more efficient with smaller memory addresses (excluding local addressing) so i386 makes better use of your limited RAM and is generally what I'd pick on releases up to 18.04; however you can't upgrade i386 so that's a plus for amd64.
i386 however can be slower to run on some amd64 cpus, so the benefit of more efficient use of memory (smaller word sizes) can be lost due to slower execution in some cases (CPU specific).
If you're going to upgrade past 18.04; I'd now use amd64; though given Lubuntu didn't support upgrading 18.04 (last LXDE release); that advantage maybe moot (but is worth something if you're using Xubuntu/Xfce).
I'd decide by what applications you'll run, will they benefit by having slightly more ram? plus your CPU; does it run amd64 faster than i386 as more modern cpus usually do. In QA-testing I find various boxes perform differently so my answer can vary on a box (ie. cpu).
The wordsize hit 32bit/4byte vs 64bits/8bytes isn't that great, is generally about equal to the performance loss of running the older i386 code vs. more native amd64 on modern cpus. On older/earlier CPUs though; the i386 generally didn't have the performance hit when compared with amd64 execution unlike more modern cpus.
This opinion is based on QA-testing Lubuntu 18.04 -> 19.04 (using i386 or 32-bit) versus the same amd64 I tended to prefer the i386 on low ram boxes, but the difference was minimal/subjectively equal and I found the difference was greatly influenced by the apps you used (some apps performed better in amd64!)
Subjectively I'd like 2GB for amd64 as a minimum; and it was all I used in QA-testing 19.10 and later (though I did keep a pentium 4 i386 box upgrading until the building of packages for i386 stopped late in the beta cycle of eoan)