Upgrading to 2MB Chip RAM is possible, but it requires the 8375 Agnus chip along with some motherboard modifications (easiest if your A500 is a Rev. 6A board). Without this Agnus, 2MB Chip isn’t an option.
On the other hand, 16MB Fast RAM and a 68030 CPU upgrade are not possible with the GVP Impact A500 HD8+, the card supports a maximum of 8MB Fast RAM and has no provisions for a 68030/68882 accelerator.
For modern video output, the Indivision ECS V2 is the recommended choice.
I’m not sure how straightforward it is to replace the original SCSI hard drive with a CF card on this controller, but as an alternative you could look into something like BlueSCSI, which is inexpensive and uses SD cards.