I would be careful about allowing search pages to continually index. You will most likely end up with hundreds if not thousands of low value pages that may cause you to fall into a Panda algo penalty. Simply do a site:yoururl.com inurl:search (or whatever parameter you use ) to see how many pages you have indexed for search results.
You could find the page search pages that are out ranking your product page and 301 them if the traffic is substantial. Otherwise, I would say that by noindexing the search pages, you should reduce the competition for those product pages and they should start to rank and hopefully convert better.
I've had to do the the same for several sites because of a panda penalty so I can't speculate on traffic levels.