How are your applications running? Are they experiencing performance problems? Are you looking to scale upwards to a larger system or possibly run more applications on that server? If everything is functioning normally, then I wouldn't try fixing something that isn't broken. If the hardware and, possibly software, versions are about to go to expire, then it may be time to move on.
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The fundamental question here is: does your application support running on 64-bit hardware and a 64-bit version of the operating systems kernel that you would be using? It is not a trivial undertaking to port software from 32-bit code to 64-bit code. You'll need to contact your vendor and find out these answers. You will also need to confirm that all applications running on the box are supported on a 64-bit kernel. Why would you want to move to 64-bit hardware and use a 32-bit kernel? If you are using a host monitoring tool like BMC Patrol, or backup software like Tivoli, you will need versions of software that support a 64-bit kernel.
Regarding best practices, I would create some kind of sandbox environment to perform all your testing in. Assuming all your applications have fully supported 64-bit code versions, find an appropriate hardware platform for your testing and get to work. There are no short-cuts for this type of work. You do NOT want to be touching your live systems, prior to you completing a Proof of Concept (POC) for the 64-bit migration.
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