It can be run on a Pi2: https://dashtalk.org/threads/masternode-on-raspberry-pi-2-model-b.4083/ - but an old Pi1 isn't going to cut it.
Seems like a lot of bother to me when a better connected and more reliable VPS can be had for a few $/£/€ a month but if you already have a Pi2 then why not I suppose.
If I will have time, after that will be a final version for 0.30.16, I will try to compile the bitcreditd on ARM. I also have a PI1 512.
Dont bother. Its a pain in the butt with plain old BTC. PI2 work great though.