RunningAverage Class on playground (updated)

But I still wonder if the array size can be made user configurable during runtime.

The lib could be rewritten to use dynamic memory and you could reallocate the memory. However as an Arduino has very limited RAM this gives fragmented (useless) memory quite fast.

that said, you might try with largest allocation first and gradually decrease the size to an optimum. Then the reallocation should less fragment the memory in theory ...