USB 1.1 should work okay. The USB 2.0 standard is backwards-compatible, which means all USB 2.0-capable devices should work just fine on USB 1.x. Slower, but just fine. Even though USB 1.x is slower, it's still more than fast enough to handle digital audio streams. I have lots of USB 2.0 devices that I run on my old laptop with its single USB 1.1 port.
If you're concerned, you can always buy a USB 2.0 card. They cost about as much as lunch in a big city.
The hub is a different story... many devices don't work well with USB hubs (in the technical docs, they advise against connecting my iAudio M5 DAP to a hub, although I haven't had any problems with it so far). I don't know what operating system you're running, but I acquired several gray hairs before I finally discovered that my Bithead amp didn't work under my Linux 2.4 kernel because it was connected to my monitor's built-in USB hub. (This problem may have been fixed in the 2.6 kernel; I certainly hope so).