Recent advances in visual decoding have enabled the classification and reconstruction of perceived images from the brain. However, previous approaches have predominantly relied on stationary, costly equipment like fMRI or high-density EEG, limiting the real-world availability and applicability of such projects. Additionally, several EEG-based paradigms have utilized artifactual, rather than stimulus-related information yielding flawed classification and reconstruction results. Our goal was to reduce the cost of the decoding paradigm, while increasing its flexibility. Therefore, we investigated whether the classification of an image category and the reconstruction of the image itself is possible from the visually evoked brain activity measured by a portable, 8-channel EEG. To compensate for the low electrode count and to avoid flawed predictions, we designed a theory-guided EEG setup and created a new experiment to obtain a dataset from 9 subjects. We compared five contemporary classification models with our setup reaching an average accuracy of 34.4% for 20 image classes on hold-out test recordings. For the reconstruction, the top-performing model was used as an EEG-encoder which was combined with a pretrained latent diffusion model via double-conditioning. After fine-tuning, we reconstructed images from the test set with a 1000 trial 50-class top-1 accuracy of 35.3%. While not reaching the same performance as MRI-based paradigms on unseen stimuli, our approach greatly improved the affordability and mobility of the visual decoding technology.