Now that Inno 6 has dropped support for older versions of Windows (and
the older versions of Delphi used to build itself), it's possibly more
likely than it used to be, but I imagine it'd still be quite a lot of
work for not much benefit (other than being one more thing that can
cause script incompatibility).
(Martijn might correct me if I'm wrong, but I think a 64-bit Inno would
only be able to install 64-bit apps, in part because {sys} redirection
doesn't work the other way around.)
Even today, when 32-bit OSes are basically dead, most Windows software
is still 32-bit, and other than games and other memory-hog apps there's
not much benefit to making an app 64-bit-only.
So not being able to run 32-bit Windows apps seems like a defect in
whatever emulator you're using. All versions of actual Windows can run
them just fine (unless you uninstall a component in Windows Server, but
nobody does that).