Yes. The Radeon HD 7750 will run out of GPU muscle long before it runs out of VRAM. But if you can afford to step up to a 2 GB version of the 7850 that's not a bad idea. PowerColor's seems like a good deal:
A 7750 will never even use 2gb of VRAM. Its mostly a marketing thing. You don't even need more than a gig VRAM until you get up past a 7850 and use multiple monitors. a 1gb 7850 will double the performance of a 2gb 7750 any day.