I am currently Working With Catalyst via Art-Net on a Grand Ma.
Ver 4.05
Works beautifully.

Particularly if you use the "Smart Page", its easy to set all your library up for really quick access.

The only limitations that you would have on a "Lite".
Is the same as compared to the Grand Ma for anything else.
ie: Less touchscreens, less playback.

Hope that this helps.