I'm not too familiar with developing for mobile devices, but if your target platform allows 32bit apps even though the CPU is capable of 64bit then you can certainly compile for arm32. I think the move by Apple and Google is to stop supporting 32bit apps on iOS and Android (I'm not sure if they already have).
There is no known limitations to the generic calling convention. You'll be able to do everything you already do with the generic calling convention you just need to add the wrappers. The auto-wrappers makes this process quite easy as in most cases it is just a matter of changing the macro for obtaining the function/method pointer, and the templates in the auto-wrapper will take care of creating the wrapper for you. In some cases you may have to manually code the wrapper, but even that is not something that takes up a whole lot of effort.
The need for the wrappers may increase the size of the compiled code a bit (but unless you have a very large API exposed to the script, it should probably not be an significant increase).
The wrappers does not necessarily mean a decreased performance though, in some cases they may even give a performance boost, since the C++ compiler is able to do compile time optimizations that may end up being faster than the runtime dynamic set up done by angelscript to call functions through the native calling convention.