400-550mb of ram is on the LOW side for memory usage. It's not uncommon for the client to use up to 900mb for one session, depending on what you're doing. I'm not sure how you ever saw only 50mb of ram - heck, I think the PoP client took more than that that, and that was about 10 expansions ago!
WinEQ works just fine with Win7 64 bit... Using it here and do not have any issues.
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