Keep in mind that the 1GB memory is a minimum requirement.
Other than that the upgrade path is fine.
As for configuration. Once you upgrade to 8.3 all NAT and your outside to inside ACLs will break and need to be reconfigured. As of 8.3 and higher NAT is based on object groups, and ACLs require the real IP to be specified and not the NATed IP.
Other than that, you should be all good.
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