Only "doubts" I have the RAMDisk's ability to allocate over 4GB in 32-system. I don't how the system works in detail, but if they say it can work over 4GB even in 32-bit system then it might.
But as you pointed out you could do nicely atm with 4GB too. 1GB for XP, 1GB for FL & player DB and 1GB to mirror the FL & DB leaves you at total 3GB.
You could do it with 4GB as a proof of concept. In case it goes wrong then you have not thrown money away, since having 4GB in 32-bit XP is not total waste.
Other considerations too make getting 4GB better choice. 2GB sticks are still quite costly AND are slower in performance.