Well yeah, the fact that the 64mb card's memory runs at 500Mhz instead of 444Mhz is quiet a performance increase... basically they're able to overclock the card by 100Mhz which is a lot easier than overclocking the card by 156Mhz, think about it. Usually though, I would say that having the 128mb version of the card is better (because in high demanding games they require much memory for graphics processing) but with the G4 Ti4200 this is the case... But don't worry, your 128mb version will outperform the 64mb version, you can even check your scores on 3D-Mark and see. The key to OCing your RAM will be good RAM cooling as well btw, so you should look into some nice heatsinks for it - my favorites are <A HREF="http://www.tweakmonster.com" target="_new">TweakMonster RAM-sinks[</A> but they be can a little costly (most places overcharge for them - private msg me if you'd like some, I can get them cheaper). Anyways, there are a few other manufacturers of these but I personally think that these are the best (thermaltake makes some, so does CoolerMaster, Alpha and there's plenty of OEM).
About OC it too high, a good rule of thumb is to literally open up the case when gaming with a newly OC'ed card and touch the heatsink and underside of the card (right underneath, or actually above b/c of the AGP position, the GPU) to see how hot it is. Basically, if its too hot to keep your hand on, then it is too hot and therefore too overclocked to be good for the card's health, so bring it down - warm is good, boiling hot is not, same rule as CPUs, same temperature margins so you can even compare the temperatures between the two for a refference point. You might notice it runs pretty hot already since most card manufacturers put cheap heatsinks on their cards that barely cut it.
<b>people are only idiots when they don't realize - when they do it just gets funnier, like a dog chasing its own tail, or like george bush's public address(es)</b>