Hi @anjanesh ,
The server you have chosen should be sufficient.
Regarding your question about machine type, you may upgrade the machine type of your VM if it’s not part of a Managed Instance Group (MIG) or does not have a local SSD [1]. Also, the VM must be in the stopped condition to upgrade the machine type. Be sure to take note of this if you want to avoid downtime for your site. You may view this documentation to carefully review the things you need.
As best practice, make sure to take regular backups using snapshots [2] in case a problem arises.
I hope this helps. Thank you.
[1]. https://cloud.google.com/compute/docs/instances/changing-machine-type-of-stopped-instance
[2]. https://cloud.google.com/compute/docs/instances/changing-machine-type-of-stopped-instance#best_practices