In general answer is yes, you should be able to build 32 bit package on 64 bit system if you use 32 bit tools.
If you are referring to application launcher .exe then it should be enough to use 32 bit JDK.
If you are referring to installer .exe then it is controlled by inno setup config file (http://www.jrsoftware.org/ishelp/index.php?topic=32vs64bitinstalls).
By default packager tools do not use this directive and all .exe installers are in fact 32 bit installers (this is current limitation but this should not impact your use case).
You can use Process Explorer to verify what type of binary it is (see details in http://superuser.com/questions/358434/how-to-check-if-a-binary-is-32-or-64-bit-on-windows)
If java.exe is 64 bit then this means you installed wrong JDK bundle. Try to download and install again.
You "ant -v" to validate when ant-javafx.jar tasks are taken from. Launcher .exe file is simply extracted from jar file and
32 bit JDK does not have 64 bit launcher in the ant-javafx.jar. As long as you are using 32 bit JDK it could not extract 64 bit launcher ...
With 32 bit JDK set in the project properties the output jar is 32 bit but the exe wrapper is still 64 bit . Is this because Netbeans is running on 54 bit Java?
Where do I specify the jdk which should be used for bundling ?
Ok Finally I had to edit netbeans.conf to point to my 32 bit java installation so that it creates 32 bit wrapper.
Ii.e netbeans now uses 32 bit java for itself and I am not utilizing my laptop's full power :(