This has been tested already.
Our findings are that all our current cards, ACA1233n, ACA1221lc, ACA1211, do work with OS3.2 in an A1200 including PCMCIA network adapter. I am constantly testing PCMCIA networking because I use it myself.
There are issues with PCMCIA with the ACA1211 under OS3.1.4. The obvious remedy here is to insert the card during the first boot-up, or to re-insert it later.
Also there is a certain degree of finickiness in different PCMCIA cards - they can behave slightly different, even if they are the same model. The "best" cards I have always go online instantly at power-up - a few others sometimes require that I start the network a second time.
I use cnet, cnet16 and 3c589 based cards for testing.