It's still weird that you only show having 56 MB's of low available. Here I have 3250MB's low available and 768 MB high memory, which is close to your 848MB's. Why the memory above 4GB isn't showing I don't know, probably something to do with your BIOS. I take it that other operating systems see close to 8GB's?
About the 4 GB's. While the 32 bit x86 can access 4 GB's, some of it is mapped into the system hardware space, PCI cards, video memory and such claim address at the top of the 4GBs address space, in your case 848MBs. The low memory should show the rest of the 4GBs. All I can think of is an address hole (common on newer systems) low down in memory that is confusing HiDisk.
Note also that you can use low memory for the ram disk as well but then OS/2 can't use it.
Unluckily, without a lot more work, which will probably never happen, Firefox etc still can't use the high memory. You can put things like %TEMP% on the ram disk which will speed things up, and it is self cleaning. You can put the swap file there too and in theory run a bunch of processes that use lots of memory and it would swap. In practice, IBM seems to have used 32 bit variables in too many places for this to work.