Hi Aaron,
I moved this post into the ANT+ Forum as it's discussing ANT+ profile and therefore restricted to Adopter level access.
To use your example, note that the most significant byte in each of these fields is byte 5 and byte 7 respectively:
Bytes 4 and 5: 0x88AC --> 34988 in decimal. 34988 / 1024 = 34.17 seconds since the last rollover
Bytes 6 and 7: 0x32F1 --> 13041 in decimal = revolution count.
You can put these values into the calculations in section 4.3 to get your speed and distance values. You need to know the wheel circumference to use for this too. This is usually obtained by user input.
Good luck, and have a good weekend!