I used this combination for about a year and it worked really well. It had no problem playing any VR titles and didn't drop frames any more often that the more powerful card that eventually replaced it.
The 480 handles the resolution of the current generation of hardware really well, but I don't think it will stand up to the next gen higher resolution displays. In my experience, attempting to improve the quality of the image of games via supersampling above 1.2 or so would often result in nauseating stutters and dropped frames.
In short, if the 480 is what you've got (or can get one cheap) plugging a Vive into it will bring delight!