yep. just set the page file to 0.
as far as tangible gains, there are certainly many to be found.
If you do a lot of parrallel downloading, your drives will most likely be fragmented like a mofo (unless you defrag excessively). Paging on a fragged up drive, esp one that's constantly being written to, can be a very slow thing. Even with 1 gig of ram, XP constantly wants to page (don't know why). Everytime I run JK2 w/pagefile, I get very noticeable lag between stages (noticeable once the stage is loaded, but hasn't yet begun updating). As soon as I disable the pagefile, the lag is gone. It's very noticeable and reproducable. I'm not sure what contributes the most to the lag, but I'm sure the fact that the p2p app wants to write a 700KB/sec, The paging file wants to alternatively read/write, and the App wants to read the specifc map info/textures doesn't bode well for my poor wd1200jb.
Of course you could use a different HD on a different IDE channel, dedicated specifically to paging, but realistically ram is so cheap it makes very little sense to waste a channel.