Without calling Acer directly, I would probably say no on both accounts. Typically you can move within the same relative processor family, but not likely to the extent from i3 to i7. If you could find an upgrade, I believe it would be marginally better at best. Since the video card is integrated and not discrete, then you would probably have to find a motherboard for that model that has better integrated graphics. To be honest with you, even if Acer has some of these parts available, it will not be a cheap and inexpensive upgrade.
You could certainly call them to get better information, but there are only a few manufacturers on certain product lines who make these types of upgrades available on their portable platforms.
Sorry I didn't have better news.