The memory usage when minimized should be very low, even on FARR v2, as long as you have it configured properly.
Here it's 1468k when minimized (compared to your 896k) for FARR v1.
To me that seems very reasonable.. v1 is so inferior compared to version 2, no one should be using it. Just remember to look at memory use when minimized, since that should be all you really care about -- not memory use when you bring it to the front, in my opinion.