It depends what you're using your mbp for. If you use a lot of memory intensive applications and do multi-tasking a lot, then you would see an improvement. If you're just using firefox or itunes and not even reaching the limit of 2gb, then you would see no improvement whatsoever because the extra ram is just sitting in idle. If the applications that you use access the hard drive constantly, then you would notice a difference between 5400 rpm and 7200 rpm. If not, the difference would be minimal.
I would suggest you getting the 160gb 7200rpm drive first if you think you need it, and then upgrade the ram yourself later on if you found out that you need it. It's cheaper that way and ram is a user-replaceable part on the mbp (IIRC).