I did not go beyond the 22ms latency because I consider over 22 to be unplayable for any digital piano. I was expecting the more the latency, the less the popping would occur. There was no noticeable difference as I went back. However I kept going further back 2.5, then 5.2, then 11, then 22 and in all of those latency settings the pops are much less but the same in each. With 1.5 the pops and crackling is much more noticeabke but that is to be expected with an older ipad. I tried to remedy it by lowering the latency (I started with 1.5ms latency just to test and went back from there). The only problem I'm encountering is the pops when pushing the piano too hard. I find it to be much better than any other iOS piano I've tried. Ravenscroft is very responsive IMO and the sound is excellent. Just wanted to share a bit of my experience. I was the one who commented on the youtube video about the slight pops and crackling with the ipad mini 2.
So it appears it'll probably run, though someone who responded on the You Tube commments section said he had some hiccups with the iPad mini 2. The ipad 4 has the 6x chipset running a dual core at 1.4 hz, the iPad mini 2 has the apple 7 chipset running a dual core at 1.3 hz, they both have 1 GB of RAM. To answer my own question about whether it'll run on the iPad mini 2: it doesn't specify on app page, all it says is ipad 4 and up.