Contemporary embedded systems require low-power solutions while still keeping a minimum performance level, and this is even more acute in the Internet of Things (IoT) domain, with its vast design space. This work proposes a configurable RISC processor associated to a design flow that includes a hardware synthesis flow and a software toolchain. This design flow is useful to explore design space and trade-offs of processor cores for IoT applications, by enabling multiple hardware configurations with variable degrees of complexity, while maintaining compatibility with the chosen instruction set architecture, which is itself configurable. Results rely on example designs targeting a 65 nm technology and post-mapped hardware simulations of two benchmarks sets, the CoreMark and Mälardalen suites. These results indicate that substantial power savings can be obtained by tailoring the architecture to a given application class, while reducing hardware complexity and maintaining performance figures. Findings show that the proposed processor provides an interesting resource to target low-end and middle-sized IoT applications, while demonstrating that reducing hardware complexity usually leads to the best trade-off between performance and power.