Since you have the camera and the SD card, just try it.
Turn it on, press Record, see what happens.
Some digital cameras have a 29 minute limit, then you have to start the recording again. This was to differentiate between actual "video cameras". Some countries and jurisdictions had/have different taxable limits for still camera vs video camera.
Since this camera only captures in 640x480 VGA, you can likely save quite a bit of video on that 32GB card. But get a couple more, they're relatively cheap.
I can't find any specific reference from Kodak on how long that particular camera will record on a given SD card size.
The Users guide:
http://support.en.kodak.com/app/answers/detail/a_id/18753/~/kodak-easyshare-z712-is-zoom-digital-camera%C2%A0%E2%80%94%C2%A0users-guide/selected/true
http://resources.kodak.com/support/shtml/en/manuals/urg00671/urg00671c8s3.shtml
Also, batteries. Have extras on hand.