>>11920627 (OP)
It's all about storage size, in all actuality the complexity of the PS1 RE games entirely boils down to what the enemies are doing and how many active models are on-screen, so the 32X could easily do it.. with the CD addon, at least.
Frankly the fact that the N64 could contain the game on 64MB is a good indicator of what exactly you're dealing with; on a raw 32X cart you're never gonna get even close to the original experience for visuals and sound at least.