If you are making a control, just stick with GDI+. GDI32 is faster, but you won't notice it in a control like this (you would only notice it in a graphic intensive application, like a game, and it's possible that in the case of many many calls to the GDI32, GDI+ would end up being faster).
Recently there has been a lot of discussion about "Oh, GDI32 is faster than GDI+", but that doesn't mean you should use GDI32 instead of GDI+; GDI+ is a managed part of the .NET Framework that .NET natively supports, while GDI32 requires calls to GDI32.DLL.
When I tested it, the speed ratio was about 5:1 - it took about 500ms to draw 2000 images with DrawImage, and about 100ms to draw 2000 images with BitBlt. In that case, it would probably take around 0.25ms to draw with DrawImage and 0.05ms to draw with BitBlt. Not a big deal at all.