Never heard of DHP, but I'm assuming that it is related to the CPU type. Without knowing what specific tablet you have, it would be difficult to give you any specific advice. Typically with tablets the device has a sealed chassis, i.e., there is no way to open it and replace/upgrade components. I'm guessing that the device you are looking at is an off-brand Chinese tablet, so I wouldn't expect too much from it.
As far as what's more important, the answer is "it depends". The amount of onboard storage is only important if you don't have enough storage for your apps and data. If you have a lot of apps and data, then the amount of storage could be important. Otherwise, not as much.
Likewise, once you have enough memory to load the OS and a couple of apps, any extra memory is largely going to affect battery life (more memory uses more power) and performance (caching of data/apps in fast RAM instead of slower flash storage).
Then there's CPU. Without knowing specifically what CPU is in it it's hard to say, because comparing MHz between two different CPU architectures is like comparing RPMs on a cars engine and trying to determine which engine is more powerful. Most mainstream tablets these days have at least a dual-core CPU, ranging from 800 MHz up to 1 GHz. The newest stuff is shipping with 1.3 GHz quad-core CPUs. Probably your best bet is to compare the CPU/memory configuration with a smartphone of similar specs, since they'll be running the same software.
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