No for Storage, Yes/No for RAM.
No matter what you do, the iPad 1 will always have 256mb of ram. However, the iPad relies heavily on Virtual Memory. You can search around and find ways of increasing it. I recall there was a professional coder that showed how to manually edit system files so that the iPad could virtually manage its own Virtual memory, creating as much of it as it wanted, up to a certain amount, and then clearing all of it when you quit the app. There are also less manually intensive ways of doing the same with varying success.
The iPad 1, just like the 2 I am sure, was underclocked from its original speed from 1ghz to 800mhz extend the battery live, there are also tweaks you can use to restore its original speed, again ether manually or automatically.
One of the more automatic ways I believe is through a Cydia tweak called Speed Intensifier (or something like that), which has the option of simply decreasing the time delay between screens or to clock the iPad slightly faster.
The only real issues you may encounter with these is you may notice your iPad slightly warmer and your battery draining only slightly faster, no real harm done. Besides, if anything ever did happen, which it wont, this stuff is pretty much safe, you can always restore your device and Bob's your Uncle