In theory, yes, but in practice, 32-bit support is a work in progress. You could try it, but you would want to make certain that you boot the kernel with vmalloc set to something larger than the amount of RAM that the system has, yet smaller than the 2GB of kernel address available on 32-bit (e.g. 1G). Otherwise, you could run into problems where kernel virtual memory allocations hang because of virtual address space exhaustion. This is due to a design decision in Linux to cripple kernel virtual memory, although it does not affect 64-bit systems because the kernel virtual address space is much larger than system memory at this time. This should be fixed in the next 6 months, but until then, you will need to be careful with it.
I worked on ARM Linux NAS system for an SOC company for a while. I think ZFS on ARM is good idea mainly because the low cost, low power CPU.
Does anyone else see such need? If so, fill out this survey:
https://docs.google.com/forms/d/1HRt_aYmuGkyQvBp9p2Tr3-9ygXR...
I am trying the lean startup method. :-) If there is < 20 people show interested in this concept, I won't spend more time on it.