Getting dropouts with that light a load may be an indication of excessive DPC time. Get a copy of
DPC Latency Checker and see what it has to say. If you still get dropouts after setting DropoutMsec to 800, that means the engine only gives up if dropouts exceed 0.8 seconds. An 800ms dropout isn't your usual click or pop, it's silence for half a measure in duration (!), and indicates something other than normal CPU exhaustion.
You could also be running out of address space if Ivory is taking a gigabyte of RAM. You've only got 2GB to work with, and sonarpdr.exe can easily take a gig on its own. Check the Windows Task Manager to see how much memory SONAR's using.
BTW, you can reduce SD's RAM usage even further by enabling caching, which loads only the samples that are actually used. The downside is you have to play the song all the way through one time before exporting, to make sure all the samples get loaded. Another technique for reducing SD's memory requirements is to limit the use of bleed samples. I don't like a lot of bleed except to the overheads, so RAM usage for me with SD is usually < 400MB using 16-bit samples (which I use for everything, even final render) and can be < 150MB with caching enabled.
I don't use Ivory, but I'm guessing it has some memory-management features as well, as most sample players do. In a pinch, there's always the technique of using a less-demanding synth (e.g. TTS-1) as a placeholder during composition and then substituting the real samples before exporting.