Question: Is it possible to re-use the nxt_db directory when upgrading from 0.7.4 to 0.7.5 without downloading the whole blockchain again?
Yes, it is designed to be possible to upgrade without having to delete the nxt_db directory, that's the reason I bother with applying those SQL statements.
If too slow for Raspberries, do whichever is faster, upgrade or download from scratch.
Did I manage to improve the Raspberry performance with the last release?