Further, are there a different set of system requirements between the two, and if so, what is it?
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A full public node is the same as a full node, but with external/remote access enabled. This means that other light wallet users, outside your local network, can use the node as well. Requirements are the same but a busy public node might experience more heavy load due to the extra requests from all light wallet users connected.
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Is it possible to mitigate heavy load with higher specs on the public nodes or is it network bound? – aboose Nov 28 '17 at 19:45
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I imagine it depends which bottleneck it hits first, which is dependent on the relevant server and network. – Mark Atkinson Nov 28 '17 at 19:48