Vista 64 includes the libraries needed to run 32 bit code. And if you look in your computer, you will see there are two sets of folders for your programs. An X64 one for 64 bit programs, and an x86 one for your 32 bit ones. This requires NO action on your part - Vista will put the appropriate programs in the appropriate places for you.
Vista handles the translation for you. There is some overhead, but this is balanced by the fact that many common 32 bit instructions can be/are grouped to run in pairs. The caveat being that there has to be enough room in the 64 bit string to include the tags necessary to differentiate the two. In practice, you won't notice this either.
My recommendation is simply to install our stuff and don't worry about it.