[Man of Means]

Yes you can beat a loose passive 2/4 game, the rake is brutal but generally if you play a tight aggressive style the rake impact is minimized because (a) you play fewer pots and (b) your pots are bigger. Move up to 3/6 or 4/8 as soon as you feel comfortable with "how to play".

The valuable hands are all pocket pairs, any two suited broadways (QTs, etc), suited connectors down to 65s (play < 98s in late position only), AK, AQ, AJ, and KQ offsuit. Other hands can be added in late position including suited aces, suited kings, and offsuit little broadways, weaker suited gappers (T8s, 53s, Q9s)

You need to play somewhat looser than "premium hands" because there are profitable opportunities to exploit loose passive play. For example you should be playing any two suited (yes, 72s) in the small blind when 4 or more limpers are in. When you flop a flush draw (yes, any flush draw) you should be figuring out how to trap everyone for multiple bets.
When you're on the button and you've flopped top pair, everyone checks to you, you're probably going to be betting every street for value. Yes, if you have K5s, the flop is KQ3, and no one is betting, you should bet the whole way unless it's like KQ3TJ at the river.
You'll figure out when to moderate your newfound looseness and aggression but try it (after reading Small Stakes Hold'em) and report back with some sample hand postings.