Being able to comfortably host a limited version of GitLab for a small team on the lowest tier of Digital Ocean or EC2 instances (<512MB) would be a game changer in terms of the accessibility of GitLab as a product. It would give you access to the long tail of potential privacy-conscious users who would like to avoid hosting their code on a SaaS service (and thus wouldn't be already captured by the market leader, GitHub), but might be put off by the high operational costs involved with self-hosting a GitLab instance compared to some of the lighter weight alternatives.
It's entirely possible that a single Puma process may end up using more memory than a single Unicorn process, so the only way to know for certain is to measure the difference.
As listed in https://docs.gitlab.com/ce/install/requirements.html the minimum is 1GB "1GB RAM + 3GB of swap is the absolute minimum but we strongly advise against this amount of memory. See the unicorn worker section below for more advice."
Most of the memory for the configuration of 4GB we recommend is to run extra unicorn workers https://docs.gitlab.com/ce/install/requirements.html#unicorn... You would save this memory because you can multithread one worker.