[caravela]

when overclocking the arm_freq is the most important thing, the other options don't have a high impact in performance. the GPU seems to handle everything fine (as long it has enough ram available for it...) . on the other hand you will notice that setting a higher CPU, will yield a better response feedback from the system due to the cpu being faster processing data when entering libraries menus, on online addons fetching and parsing data is way quicker as well.

for the 512 MB having some extra ram for caching also helps improving networking performance and allowing more background services