Not only was a 40.70 built for the CD32, CD32 (with dev board), there was also one built for the CD1200 too, 40.71 is quite a rare beast, it’s basically 40.70 built with a new compiler toolchain by Gateway, I think there’s some fixes, but basically just a recompile, but doesn’t include CD32.
Building a 2Mb CD32 ROM is easy (which is what you’ll need for Hyperion 47.111), but unfortunately the CD32 can’t use a 2Mb ROM without hardware mods.