Microsoft's guidance on registry redirection and directly accessing Wow6432node is stated at Registry Redirector which says -
"Redirected keys are mapped to physical locations under Wow6432Node. For example, HKEY_LOCAL_MACHINE\Software is redirected to HKEY_LOCAL_MACHINE\Software\Wow6432Node. However, the physical location of redirected keys should be considered reserved by the system. Applications should not access a key's physical location directly, because this location may change."
The guidance links to Accessing an Alternate Registry View which also contains a cautionary note about not using direct access.
Will the key be created successfully, or is this action restricted by the system?
A process running as Administrator will successfully create the key.
If the key is created by the 64-bit app, what will happen when a 32-bit application tries to access the same path?
Ordinarily, a 32-bit process will not see the Wow6432Node Key. However, for certain functions as documented in Accessing an Alternate Registry View a 32-bit process can access a registry path containing the Wow6432Node key.