[RONMAC]

This is what I found regarding the requirements.

The TP2 seems to be OK for an upgrade but who knows.

WM7 Chassis 1 Specification
Core requirements:
Processor: ARM v6+, L2 Cache, VFP, Open GL ES 2.0 graphics HW (QCOM 8k, Nvidia AP15/16* and TI 3430 all meet spec)
Memory: 256MB+ DRAM, 1G+ Flash (at least 512MB fast flash – 5MB/s unbuffered read @4K block size)
Display: WVGA (800×480) or FWVGA (854×480) 3.5” or greater diagonal
Touch: Multi-touch required
Battery: Sufficient to meet Days of Use LTK requirements.
Controls: Start, Back, Send and End are required (soft controls allowed as long as they are always present).
Peripherals:
Camera: 3MP+, flash optional, 2nd camera optional (VGA resolution sufficient)
GPS: aGPS required
Sensors required: Light Sensor, Compass (3 axis, 5 degrees, 100 Hz sample rate), Accelerometer (3 axis, 2mg resolution, 100 Hz sample rate)
USB: High speed required, 20 MB/s transfer rate.
BlueTooth: BT2.1 required, must run MSFT BT stack, CSR BlueCore6 or later recommended.
Wi-Fi: 802.11B/G required, must run MSFT Native Wi-Fi stack, Atheros 6002 or Broadcomm 4325 recommended.
Connectors: Micro USB and 3.5mm Audio required.
Options:
FM tuner: If tuner HW is present it will be detected and supported by the Media application.
Haptics
SD Card (Micro SD recommended)
DPAD, qwerty or 12/20 key keyboards all optional