Does it take more cpu than darknut's 1024 armor texture replacement? Not saying his 1024 armor textures lags the game too much.
It does look nice.
In my previous testing, texture size has never reduced my FPS / increased my GPU/CPU load by very much, it just consumes more VRAM.
But the short answer is "probably". It depends on your system. Try it and see.
Edit: Yes, I meant additional PC resources. More memory, CPU, GPU, etc. It may also require the http://www.tesnexus.com/downloads/file.php?id=19510 for the bump/gloss map effects, but don't quote me on that.