I can’t comment on specifics except to say that my wife uses a 12.9” iPad Pro 256GB daily for Procreate. She has created loads of prints which she sells on Etsy - not sure if I can share her shop but here’s a link and I’ll remove it if it’s against rules:
https://www.etsy.com/uk/shop/EpicAdventurePrints
It’s amazing what you can do on them but for somebody with zero artistic talent like myself, the user still has to have the skills!
Hers is a 3rd Generation with the latest Pencil, all bought in Oct last year. The iPad hasn’t missed a beat but she’s on her second pencil - the last one became unresponsive.
She’s a heavy user but I expected the pencil to last a bit longer. In their defence, Apple replaced it under warranty.
So I’d say a 3rd gen ought to do it and should provide a saving
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