As long as your running 5.2 its supported for Db2 V7. You might want to check the IBM site for a list of the latest and see if you need to apply them. Were running 5.2 with no problem.
2nd, IBM recommends that you don't use JFS2, there are problems that can cause corruption. They didn't go into detail, but IBM Developers in Toranto, told us not to use it.
I havn't tried to hook a 64 bit client into a 32 bit database, but I have been told it works.
You also should make sure you at the latest FP level for DB2, or close to it. FP11 is out, but I know FP10 is pretty stable with no major bugs that we run into.