I'm not sure we are on the same key here but I have no idea how I can be more clear.
First, when using the word Emulator we are referring to Windows Phone Emulator. To refer to Parallels Desktop lets call it Virtualization Application.
The 2 GB bit is actually the important one, all other suggestions were in order to be able to increase to 2 GB, and I mean increase the RAM of the Windows VM in Parallels configuration not the Windows Phone Emulator.
The only possible issues here are slowness (no permanent damage, if that's the question?), which you'll encounter, because you are very limited in RAM for what you are doing.
Last edited: Nov 30, 2013