Time Machine is working for me in 32-bit mode. You will only be able to backup to a local or usb drive. Network drives would not work since afp and smb shares are broken.
This is also part of broken afp shares. I think you already discovered over in the Apple Forums that booting back into 64-bit mode should restore your ability to use Time Capsule.
Did you get the networking module couldnt load notice?
If you didn't, try every option in the bridged mode menu while the virtual machine is running. One should work and I have seen the names get messed up so it could be that your Airport is named something else.
Last edited: Feb 21, 2012