Assuming this is a laptop, upgrades are tricky without knowing what the BIOS actually supports. Are you positive you have the socketed version (988, not 989) and not the BGA version?
Honestly, the gains just aren't huge here. I certainly wouldn't to bet on a BIOS support for the i7-640m, which leaves an i7-620m as your best target. Problem is, it's not that much better. The Westmere i7s and i5s were all two core/four thread CPUs and they all had turbo. You'd essentially be cracking open the laptop and swapping in a CPU for a couple hundred MHz. And there's no guarantee that your BIOS will support this anyway.