[lubuntu] Installing lubuntu on a LG X120 without disabling smart on

hello

I received an 1600MHz atom netbook with 1024MB of RAM.
I tried lubuntu on a DoK and it seems to work fine out of the box.

I would like to install lubuntu on the hard drive but without risking the winXP and the SmartON (LG's quick boot option, based on splashtop).

Is the preformence penalty when using wubi significant? its seems to me like the easiest option to install lubuntu without messing around with partitions.

1. Are there any other ways to install lubuntu while ensuring both winXP and smartON unharmed?
2. Is there another ubuntu variant you guys recommend for a net book? (leaner then lubuntu)