It will not work unfortunately. You are in the same boat as me. I want to switch to a 64bit OS, however, the Ti will not install on a 64bit OS. It has nothing to do with a 32bit app not being able to install and run on a 64bit OS, it has to do with 64bit OS's ABSOLUTELY NEEDING all drivers to be in 64bit. Since the Ti forces a driver install for the audio interface portion of the Ti, it won't work with it being 32bit. I really wish Access would get on the ball with this since just about every other audio manufacturer has 64 bit support. Although it would be great if they made VC in 64bit, all we really need is the driver to be in 64bit so we could at least install it on our machine. VC could stay in 32bit, and still function properly.
With Cubase 5 being native 64bit, Halion 3.5 is coming as native 64bit, as well as all other drivers for my audio interface, UAD cards, Novation controller etc, it would be nice to stop having to dual boot my system with XP just for audio functionality due to one piece of hardware.
Here is something I came across but have not yet tried. It is called Jbridge and allows 32 bit drivers to work on 64bit machines. If you are feeling bored and brave, perhaps you can give it a shot?
http://www.kvraudio.com/get/3729.html