First, I must give a note: it's not an Itanium; Itanium uses a very slow x86 emulation layer for 32-bit applications (relevant for all OSes).
Second, I did some performance testing for Linux and Solaris on the same machine with 64-bit CPU (Athlon 64). The application was very CPU and I/O hungry. Very. And its 32-bit version was 7-10% slower than 64-bit version.
I suppose that for Windows family the situation will be similar.
You need to understand for what sort of activity you need 64-bitness. Say, it's MSSQL. If it will be running *actively* all the time, then it may be worth of using 64-bit OS.
Also, you have an option to install 64-bit OS on your current machine without any hardware upgrade; just to see what's happening with other applications you need.