Yes, splitting up your model will reduce the fetch time, though probably not linearly. For a relatively small model like yours, the differences may not be huge. Large list properties are the leading cause of increased fetch time.
Old properties will still be transferred when you fetch an entity after the change to the model, because the datastore has no knowledge of models.
Also, however, deleted properties will still be stored even once you call .put(). Currently, there's two ways to eliminate the old properties: Replace all the existing entities with new ones, or use the lower-level api.datastore interface, which is dict-like and makes it easy to delete keys.