They did all of this. The Russian government was always invested in education, iondustrialisation and modernisation. Even assuming the efforts are more focused and more sustained, without being interrupted by changes in focus and battles with entrenched interests, I am not sure Russia could realistically do very much better than it did IOTL. There is huge inertia to go against. Even the utterly radical efforts by the Communist Party to remake the country (imposing changes far deeper and crueller than Czarist autocracy ever could) only got so far.
Depending on how well it works, the next question is, of course, what Russia gets for its efforts. There is going to be some political impact, naturally. Adding more educated people means more political activism. It might work for the best, though, since an earlier integratiopn of the urban educated classes might well mean they have less reason to embrace Marx. There would still be a strong Socialist movement, but perhaps no Bolsheviks.
In foreign policy, more industrialisation would mean more stamina in war, more 'legs' for the army. However, I'm not sure it would make a practical difference until 1905. If the Russian military also becomes more professional, it might actually defuse tensions in Central Asia as the generals realise earlier and admit more readily they haven't got a prayer at conquering india.