I'd say if you have the space it's best to have 1 proper monitor at a desk, and then beside that have a LED TV for when you want to put on a movie or play a game with a controller, or whatever. Have the TV set as your secondary monitor and then you can just move things over to it when you want to use that.
As far as distance from the scree goes--Im used to 27 inch monitors and sitting right in front of them at a desk, so 32 isnt hugely larger than that--to be really immersed in whatever you're watching or playing I would imagine 8 ft away might be a bit far. In the basement my dad has a monitor and a 46in TV attached to his computer and the 46 is a good size for sitting back or 5 or 6 feet and watching a movie, but once you get to the back of the room were the couch is, which is probably more like 10 ft I would not watch to watch a movie on it at that distance because it looks quite small to me.
At the same time I do watch movies on my Cinema display every night and it's pretty good, just a bit small, so you definitely can do it, it's just a matter of what you prefer.