Well, even if you are compiling a 32 bit copy, it won't work on a 64-bit
machine.
If you fail to meet all the dependancies that Wine requires in order to compile
them, when you run ./configure, it will tell you at the end if you are missing
any necessary devel files.
A successful compilation of Wine will run like any pre-packaged copy made by the
Wine developers, except it will run a bit faster on the machine it was compiled
on than the pre-packaged ones. If you plan to compile and give the program to
others though, they won't reap the same performance benefits.
Unless you plan to build a patched copy of Wine for others, I can't see why
you'd want to anyway.