You can convert it to HD via a transcode, but you can never "increase" resolution if you are referring to quality. The best you can hope for is preserve as much resolution you can as you increase the size.
You can look at what Boris FX offers for uprez and there are controls in there can be used to optimized based on footage type.
Boris FX comes with your Avid software, so you may as well give it a shot. Personally, I say if Teranex is an option, it's the way to go. Most people shy of away from it because it's expensive, but those are powerful devices.
Los Angeles, CA
"We are the facilitators of our own creative evolution." - Bill Hicks