More memory usually gives you better performance in garbage collected environments, at least as long as this does not lead to virtual memory usage / swapping.
The GC only tracks references, not memory per se. In the end, the VM will allocate the same number of (mostly short-lived, temporary) objects, but the garbage collector needs to be invoked less often - the total amount of garbage collector work will therefore not be more - even less, since this can also help with caching mechanisms which use weak references.
I'm not sure if there is still a server and a client VM for 64 bit (there is for 32 bit), so you may want to investigate that also.