The main drains on the battery are the CPU, screen, and hard disk, and since the CPU and screen in the TR are already pretty optimized, having the hard drive spin down will save a good amout of juice. I flew from Chicago to San Jose recently, and purchased a 1GB Memory Stick while there. On the return flight, I copied several anime episodes to the MS and watched it off that. I got an extra episode (24 minutes) in before the battery died. I think battery savings with a RAM disk and the hard drive spun down would be similar (10%).
Edit: I might be interested in the 256MB module for a co-worker’s TR1, Kingston has it for $86, so PM me if you decide to go with 1GB.