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Remember these cards also stored "display lists" internally so redraws were instantaneous and not as many regens were needed. This could be the primary purpose of the extra memory above what was required for 1280x1024x8bpp.
One important item I don't see mentioned is the negative core used on the original transformer. Most newer transformers use a positive core. Trying to use one of those may burn out the components because the polarity is reversed.