This might sound kind of dumb, but is there much risk increasing my buffered logging from 8192 to 16,384? This is a 7204 and the show version is:
Cisco 7204VXR (NPE-G1) processor (revision B) with 983040K/65536K bytes of memory.
Seems like I have tons of memory, but before I change this production router, I'd like to make sure I'm safe. I don't want to crash anything because I did something that wasn't too smart.
I would say that it is quite low risk to increase from 8192 to 16384 for memory for logging buffered, especially if you seem to have plenty of free memory.
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As Rick notes, you should be okay if you have adequate free memory, but what you posted only shows total memory, not what's used. Use show memory.
The above noted, I would be surprised if you don't have enough free memory to allocate another 8 KB to the system log.