The real issue here is return on investment (ROI). If this was an ecommerce site then you could do the math and figure out if there was a business case for doing a major upgrade. However, given the nature of the site, upgrading to handle peak traffic that happens for 5-10 hours a year just doesn't make sense.
Now, if the site was lagging on a daily or weekly basis then it would be a totally different issue...
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