You'll still get that scenario if you go for Active Passive.
Memory fragmentation was fixed in SP3, I believe. Can't remember whether WIndows SP3 or Exchange SP3. Go with both, I think.
Don't think you'll get a definite answer, even though you give the spec of your cluster server. A lot depends on the size of user mailbox as well as SMTP traffic, no of attachments etc, no of present users..
Your best bet is perhaps to go with your own experience of your users on your present server.
On what you've given us so far, I can only say that the 1Ghz processors should be OK, but 1Gb of RAM doesn't seem enough. Tell us how many users you presently have...
RobbyB