So we figured we would try with 1GB of ram instead of 2 and cut the cost back as well. Only using 190 to 330mb of ram with the current server, though a little mysql configuration to take advantage of more is also in order. Switched from CentOS 6.5 to 7, PHP 5.3 to 5.6 and from MySQL 5.5 to Percona Server 5.6.
The only thing was I noticed it was slower, so I benched it a tiny bit and after checking what CPU we had I knew why. So I played the VPS lottery and moved the machine to another location for a random selection of servers. Got almost the same CPU we have now (Sandy Bridge versus Ivy Bridge).
The switch to PHP 5.6 surely helps a bit. I don't think with the limited ram, current configuration the sql server is all that different. But I had trouble actually installing the mysql bench I was going to use, so I haven't gotten anything but a real world look at it.