Ivan,
The actual syntax for post data is:
body = <post.txt>;
--OR--
postdata = <post.txt>;
Make sure that post data file can be found by the WCAT client. You can specify a fully qualified or a relative path for the post data file.
Regards to your 32K limit theory, that is incorrect. We use in memory buffers so make sure you have enough free physical memory on your client machines.
Thanks,
Mukhtar Desai
IIS Performance Team