No. I have 8 gigs and I had ~4 used. So i think the 1.5GB limit is not from my hardware.
I went through all of the options one by one to select the perfect setup. (long time not used your mod) And I clicked back and forth between options a lot, to compare them. I almost finished when the error occurred. If you clicking on sounds for example the rise is more significant than with low res pictures.
Oh, and I have to use my keyboard arrows to go through options, because if i click it turns on the option (and all the sub options). Every arrow hit loads the preview raising the memory consumption. I didn't find a solution to select an option for only preview.