You bet. Your 24-bit and 16-bit tunes are welcome, and lossless file downloads (FLAC or ALAC) will always have the same bit-depth as the originals you upload. The bit-depth of lossy downloads (MP3, Ogg, AAC) is determined by the different devices your fans use for playback, but whenever possible we use the higher bit depth to generate those files.
We have no plans to support 32-bit files at this time.