I think 32 is a good number to start with, I'd recommend 64 megs or more for decent performance, the extra room is good for all the little 68k tasks to be happy. I'll also point out that a blank bootable partition will also be needed to get OS 4 running. Given the amount of change between OS 3.X and OS 4 and most of the "hacks" we know and love so much being redundant starting fresh might be our only option.
Bill "tekmage" Borsari