Yes, that's the idea. I bought one of these to start with:

https://www.ebay.com/itm/AN-Hex-Wren...YAAOSwt5hYd57r

The one I received has a slightly different style handle from the one in the picture. It seems to be made from T6 aluminum--probably 6061--and is made from 9mm stock, which is thicker than I would have expected (never having held an AN wrench in my hand before). It's light--I have no good way to weigh it, but it's clearly lighter than a Park cone wrench.

A -12 AN wrench (I don't know what the dash signifies, but it's what they're called) is nominally 1 1/4", and that's very close to 32 mm. At the price I paid the quality control likely is not great. My particular wrench measures 31.8mm, according to my non-digital-and-perhaps-less-than-super-accurate calipers. By comparison, the 32mm end of my Park HCW-15 headset wrench measures 32.1 mm.

But as others have noted, 32mm locknuts are actually all over the place. The AN wrench fits well on the nut on my Miyata 1000, is a tight fit on the Stronglight nut on my PX-10, a very tight fit on the Campagnolo nut on my Raleigh, and doesn't fit at all on the Tange nut on my Lotus, the unbranded nut on my low-end Univega, or the nut on my 1967 Dawes (which looks like a 32 but may actually be some crazy whitworth size for all I know).

If I remember right, threaded headset locknuts should be tightened down to something like 200 in-lb. The maximum rated torque for a -12 AN fitting is 550 in-lb, so tightening a headset locknut presumably shouldn't overstress the wrench (although again, it's a cheap wrench and who knows what it will actually take to break it).

Bottom line, I guess I'm going to add this to my long-distance-touring tool kit. I had thought it would take a little machining to get the jaws to fit, but it happens to fit the nut on my preferred touring bike right out of the box. I wouldn't use it as a shop tool--the aluminum wouldn't hold up for long--but for occasional use on a tour I think it will do fine.

I had thought about making a machined insert that will fit into the jaws to reduce them to fit a 15mm pedal fitting, but now I'm thinking that's a waste of effort. It seems more sensible just to make sure that the pedals one uses on a tour have allen wrench fittings on the back, since you'll already have a folding allen wrench set. For some reason I didn't do that last time, and ended up hauling a steel 15mm pedal wrench all the way across the country. How many calories do you suppose that took?