Would disabling the HIPS save any resources (memory, cpu)?
Good question. You may just be the best person to answerer that question yourself. By checking for yourself, you will find the answer most appropriate for yourself. I take it that you are running into a wall as far as memory goes?
Hips, as far as I know, will be optional so then the user will be able to utilize a very good firewall and any other protection as desired.
I would test myself but Im using a different firewall and I dont want to go into alpha testing.
Edit: Ive installed the alpha due to some reason but rather than test for mem usage I just went and deleted/disabled everything HIPS. Dont if its lighter but it is light.