well, yes and no 
there is no officially tested/supported/recommended way to do this for the vc_ops product.
but "in general", hardware versions can be upgraded if you are running the VMs on a recent version of ESX which supports it
take a look at this KB for reference VMware KB: Upgrading a virtual machine to the latest hardware version
and you have to update vmware_tools manually after that.
in addition, vcops internal configs are pre-tuned and extensively tested with the recommended amount of mem/cpu/storage, based on the size of env.
throwing a bunch of additional vCPUs on it might, or might not, improve the performance of the system.