Hello ChicagoMusicGuide,
We are little bit confuse about your query but Our theme run as the same php version of WordPress. Also run in the latest version of PHP https://wordpress.org/support/topic/they-actually-built-it-right?replies=3#post-.
About memory limit, it is needed for uploading the files. SuperMagPro theme zip is only about 1MB, so setting memory limit less than 2MB is ok, which is the lowest memory limit, even free hosting provided.
Best Regards,
Acme Themes