Yes, the theme will run on shared hosting, and many of our customers do use it on this kind of setup. We wouldn't be offering hosting plans via our
WordPress hosting partners if it didn't ;)
At the end of the day, if in future your sites' requirements are such that a dedicated server is warranted, then you could always move across later. I suspect it would take some kind of traffic volumes to get to that stage though..
There isn't anything specifically we would do to optimize your site further than it is, however we do have an active community full of ideas, and many of our customers have shared tips on how to optimize their theme to run even faster..so you always have the option of taking their advice and tweaking the theme as has been discussed.