Cisco 1601 as Central Site Router for Frame Relay?

Hi,

Is there anything wrong with that?
I want to use a 1601 router as the 'central site' router for
delivering point-to-point over frame-relay over 64Kbps DSL.
Would it be possible to have a single DSL (of say 2Mbit) to the telco
and then from the telco the lines fan out to each client with 64kbps
links? Would the 1601 be able to handle that?
As far as I can tell I can connect a 2Mbps line to this router, but
can I have say 2mbit/64k = 32 virtual serial connections over this one
link with that router?. If 32 is too much then how many is ok?
Mostly I see reccomended using a 2600 model but I am interrested to
know if the 1602 can handle it. I don't plan to use any filtering and
other exotic CPU intensive stuff on it (I do this from the server).
Also:
When doing this, i plan to configure the following on the central site
router:
interface serial0
encapsulation frame-relay IETF

interface serial0.1 point-to-point
ip address 192.168.20.1 255.255.255.0
frame-relay interface-dlci 16

interface serial0.2 point-to-point
ip address 192.168.21.1 255.255.255.0
frame-relay interface-dlci 17

interface serial0.3 point-to-point
ip address 192.168.22.1 255.255.255.0
frame-relay interface-dlci 18
..
..
and so on up to number 32.
Is there anything wrong with that?
should I pick a different dlci for each one? And should the dlci for
the client side router be the same or different? I'm a little confused
about this.

I really appreciate the help. Thanks in advance.

Regards,
Tobias Skytte