The hardware performance requirement shouldn't be too great, but the important thing is to keep it protected from failure. This is why having two DCs is recommended - one server melts you've still got the other - this is the best form of backup/protection for AD.
So if you're using old kit and only having one server, ensure you're backing up and you're comfortable with the restore process, especially as this is your forest root.
There are downsides to having a dedicated root - there is the extra admin and hardware costs, so it's really a decision you have to weigh up. But I get the impression that there could be a lot of to-ing a fro-ing between the companies so you could benefit from this set up.
And you're right - ideally you want a DC to be just a DC, but in the real world this isn't always possible. Be careful when promoting a server that already has software running on it as it can break stuff - when you promote a DC it removes all local users and groups and tightens security, something certain apps won't like (SQL, WSUS, Exchange for example). Worth
Setting up your first DC in a new forest : http://technet.microsoft.com/en-us/library/cc781771(WS.10).aspx
Configuring sites in AD (at least a starting point!) : http://technet.microsoft.com/en-us/library/cc781074(WS.10).aspx
Hope this has given you some pointers to get a plan going!
Tony