no, the -32bpp goes at the end of hl.exe and was something that needed to be done before we had steam. with steam you just pick 32bit in the video options. however, that isn't the problem anyway as the 32bit thing was just for getting radeons to run with aa in cs as they need 32bit to do aa, af works either way and it shouldn't matter at all on a nvidia card.
maybe there is just somethign borked in your drivers in general, have you tried any other opengl games?