Is the recommendation to set the Configuration Manager to Release Any CPU, and then distribute 32-bit and 64-bit products by simply changing the target OS in the Setup and Deployment Project Properties? Or is it better to use (for 32-bit) Release x86 and then set target-->x86 in Setup Project Properties and (for 64-bit) Release x64 and then x64 in Properties of the Setup Project?
It seems like there are too many possible ways to distribute, but it appears that Release Any CPU, and then choosing x86 or x64 in Properties of the Setup Project is the best way to distribute 32-bit and 64-bit versions to users.
If your application does not have any dependency that cannot run on x64 then it will be clean and easy approach to build with AnyCPU and deploy on both (x86 and x64) but if you know there are dependencies specific to each platform then it must be compiled with x86 and x64 for 32 bit and 64 bit OS respectively.
For more info on each type of build configuration see this question and this