So 1:32 scale is 54mm, right? That opens up quite a lot of possibilities when it comes to plastic model kits.
Yes, 54mm equates to 1/32 scale. You can also get away with using 1/35 scale vehicles as a few people demonstrated on the old 'Clave.
One thing to note is that the GW model are generally quite 'heroic' in their proportions - i.e. heads, hands, feet and weapons are noticibly larger than they should be. That said, there is a fair variation in the proportions of models in the GW range (Covenant is tall and powerful, Slick is short and stocky, Von Castellan is slender, Sgt Black is about average), so models from other ranges fit in rather well.
Proper 1/32 weapons are generally a bit on the small side, and 1/32 hands are generally only useful for female characters - in both cases you'd be better off using 28mm parts from the GW range. 1/32 heads are generally fine though.