Hmmm… YMK installs and works perfectly on my Windows VISTA 64-bit notebook (see screenie for proof). If it works on the 64-bit platform, I know it will work for the 32-bit as well.
Are you installing the game as an Administrator? In VISTA, sometimes just logging in with an account that has Admin rights is not enough: you have to “right-click” on the setup file and choose the Run as administrator option.
EDIT
Also just for the record, all of the Peach Princess and G Collection titles that I own (YUME MIRU KUSURI, Figures of Happiness, Virgin Roster, Kango Shicyauzo 1 & 2, Tsuki) work under the VISTA 64-bit environment. Thus they will work on the 32-bit version.
The only titles that have given me problems, is the JAST USA Memorial Collection - mostly because it runs in DOS… I assume all the JAST USA titles are like that…
The Japanese versions of Family Project, Princess Waltz, and Lightning Warrior Raidy work on my VISTA install too. Unless Peach Princess does some major fangling with the code, the English versions should work fine as well.