Well the 68k Version runs great on AmigaOS4. I don´t know about IFX, but PPaint is a painting programm. It is not for image processing or photo touch up. And painting doesn´t strictly require 32Bits of color depth - ask Michelangelo.
I have been a Deluxe Paint user for many years and found it hard to adapt my workflow to other software. Can MorphOS run Deluxe Paint without UAE? Unfortunately OS4 doesn´t :,-(