It's not the bitness of Lazarus that matters, but having a proper FPC cross-compiler. I've never done it but there should be no or little problem if you install a full Go32v2 tool-chain and point Lazarus to it, just as one can install, say, Lazarus Win 32bit + AddOn for 64 bit (and viceversa).
It might be problematic if your base install is a Linux or MacOS one, since then you'd have to build a proper DOS 32bit toolchain, but if you're in Windows it should be (almost) a snap.
HTH!