does this low fat carrot cake recipe work?

[jt<3]

156 Calorie Low Fat Carrot Cake


INGREDIENTS:
1/4 cup margarine, softened
1/2 cup sugar
1egg
1/4 cup skim milk
1/2 teaspoon vanilla
1/2 cup finely shredded carrot
1 cup all-purpose flour
1 1/4 teaspoons baking powder
1/2 teaspoon ground cinnamon
1/8 teaspoon salt
Dash ground nutmeg
Nonstick spray coating
2 teaspoons sifted powdered sugar
DIRECTIONS:
In a small mixer bowl beat margarine and sugar till blended. Beat in egg, milk, and vanilla. Stir in carrot.
In another bowl combine flour, baking powder, cinnamon, salt, and nutmeg. Add to carrot mixture and stir
till blended.
Spray an 8x8x2-inch baking pan with nonstick spray coating. Pour batter evenly into pan.
Bake in a 350 degrees oven for 20 to 25 minutes or till a toothpick inserted near the center of the cake
comes out clean. Cool on wire rack. (If desired, remove from pan after cooling 10 minutes. Then, cool
completely.
Place a paper doily on top of the cake. Lightly sift the powdered sugar evenly over the doily. Then, carefully
remove the doily.
Makes 9 servings.

Calories: 156/serving
TIME:

Preparation Time: 20 min.
Cooking Time: 20 min.

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can i substitute i can't believe it's not butter fat-free spread for regular margarine? can i substitute splenda baking sugar for regular sugar? does it call for vanilla extract in the recipe or is it real vanilla? and would it taste completely different if i didn't put in cinnamon and nutmeg?