The answer is probably "good enough".
If you're running an embedded system, you probably have control of all or most of the software on the box.
Stock Linux 2.6 has several features suitable for low-latency tasks - chiefly these are:
- Scheduling policies
- Memory locking
Assuming you're using a single-core machine, if you have just one task which has set its scheduling policy to SCHED_FIFO or SCHED_RR (it doesn't matter which if you have just one task), AND locked all its memory in with mlockall(), then it WILL get scheduled as soon as it is ready to run.
Then the only thing you'd have to worry about was some non-preemptable part of the kernel taking longer than your acceptable latency to complete - which is unlikely to happen in an embedded system unless something bad happens, such as extreme memory pressure, or your drivers are dodgy.
I guess "try it and see" is a good answer, but that's probably rather complicated in your case (and might involve writing device drivers etc).
Look at the doc for sched_setscheduler for some good info.