Andrew
I run FTN95 on a 64 bit machine but so far I have only used 32-bit Windows XP.
My guess is that it will run under Windows XP X64 and that this will make more memory available, with the potential of up to 4GB.
With a 32-bits machine and an operating system such as Windows XP, you can already get up to 3GB of memory by using a) the latest version of FTN95 and b) the /3GB switch in your boot.ini.
Then, by default, SLINK will give you 3GB of memory in (FTN95) release mode and 2GB in any of the (FTN95) debug modes. You can over-ride the defaults with SLINK commands 3GB and 2GB but 3GB with /UNDEF etc is not entirely safe because the UNDEFINED state is an address in the upper range.
On a 64 bit machine there is the potential for getting the full 4GB address space (in release mode) with both a 32-bit and a 64-bit operating system, since the operating system and everything else does not need to encroach upon the 4GB FTN95 address space. However, I have not tested this out.
If you want to test out FTN95 and do not have a licence, you could always run some test using the free personal edition to see how much memory becomes available.