I found that there is a 3rd party kernel and ROM image available for this phone. Rooting the phone and installing the kernel allows the phone to be overclocked - the default setting for the ARMv7 based single-core SOC as was mentioned here is a maximum of 800 MHz, which apparently will be throttled as low as 300 Mhz depending on useage.
With the overclocking application, the processor core can be set to a max of 1300 MHz, and a minimum clock of 600 MHz. It's not perfect, but these settings make for a much more snappy and pleasant experience using the Android 4.04 OS on this device.
It sure would be nice if it had a gig of ram instead of just 512 megs, however.