Well, the engine can handle this easily...but your phone can't. You have an Android 2.1 based phone with a 600Mhz low end Qualcomm MSM7227 soc/cpu and an Adreno 200 graphics chipset that is more than 1.5 years old. It's not exactly a power horse...and it will suffer greatly from the fact that Android 2.1 has no JIT (Just in time compiler) for the VM, which can speedup things up to 4 times.
On my device, which isn't particularly fast either for today's standards (Nexus S, Android 4.0 (not faster than 2.3.x when it comes to the VM) and a 1Ghz single core cpu), i can render 77 individual instances of your model @ around 30 fps.
So if you are targetting for phones in the range of yours, then no...it can't handle it. But you won't be able to find any engine that can. If you are targetting for more current devices, then yes, it can handle this.
Proof: