Probably, because I've not tried it, I don't use Firebase. Most Node.js modules will work in Node-RED.
The only real downside of doing things in the function node is that it wraps your code in a Node.js virtual machine and so has some overheads.
If one of the existing nodes meets your needs other than not being up-to-date, why not offer the author to take it over or at least become a co-maintainer? If you don't get any responses from them, you could always fork it and create something new - as long as you are prepared to maintain it of course
There is a theoretical memory overhead I suppose. But honestly, amongst the other potential inefficiencies of Node.js and Node-RED and the efficiencies delivered by the V8 JavaScript engine, very unlikely that you will see any noticable difference.