Removing the paging only hurts the OS stability, if the paging file is giving you trouble then there is something wrong with your system. Mine is set to 512mb initial size and it never grows (even when AoC uses 100% of my RAM), meaning my OS doesn't use it much but it's still there for the odd time when the OS needs it. With a recent SSD you won't even notice anything when the OS uses the pagefile anyway since SSD are so efficient with small reads/writes.
I also played AoC just fine with 4gb (I added another 4gb recently because of other things I do with my PC, and while AoC does manage to use up all my RAM that's just bad coding and the game still never crashed or slowed down with 4gb). AoC basically will end up using 100% of your RAM no matter how much you have if you play for long enough. But it's obviously just wasted and unnecessary RAM usage since the game can run flawlessly with max settings and 4gb in Khitai.
Actually if you look at it with Process Explorer you can see that AoC's 'working set' is actually not much bigger than about 2gb*, but for some obscure reason when playing the "physical memory usage" keeps rising - the game fills up your RAM but doesn't actually "use" more than about 2gb. Note that if you have Win. Vista/7 install with default settings the OS alone might use more than 1gb (which might be why you need more than 4gb to be comfortable then) but my slightly tweaked Win 7 uses about 800mb so I had really no issue playing AoC with 4gb.
*makes sense since AoC is still advertised as 32bit compatible (and it is a 32bit application)