Otherwise, wouldn't it be simpler to just profile to find the slow places in your existing code -- then rewrite those in C? You can use the scripting language for most code, where it shines -- speed of development. And still get a good speed of execution.
If you need even more speed (you wouldn't really get less memory usage!), then sure... Java is one way to go for a Python/Ruby/Perl/PHP guy. But... when is it the best choice?