No, you can have as many actions as you want. It'll process all 32 every registration though so make sure you test thoroughly to ensure no large performance issues occur.
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I have the list of categories that I need to I just used Excel to generate all the SQL -- to create the drop down values and the categories and the actions. Everything works perfectly.
The fact that the groups have a hierarchy but that the dropdown CB Field doesn't was a little snag but I just used the hierarchy to prefix the values with dashes so that the dropdown looks like the hierarchical category.