I recently played a 300 point sealed booster draft and this is what happened.....

In my first booster as I pulled the plastic holder out of the box, my eyes grew big and full of excitement as I could see the Black Adam/Shazam right off the bat. :D
The rest of what I got was pretty darn good for support.
What I ended up using for my team was as follows:

Black Adam (140)
Madame Moiselle Marie (73)
Jason Blood (44)
Wonder Woman (32)

Here's the problem, am I able to use the 32 point portion of WW without actually fielding the AE Diana Prince? Or do I have to use WW at her full 108 if I am not using the AE mechanic?

I clean sweeped the first 2 rounds (WW was hardly a factor, and I forgot she was a flier so I ran her around...oops)
In the 3rd round my opponent said "can you use WW at 32 without her AE?" to which I replied "i dunno....hey judge c'mere!"
I had asked the judge what he thought, he was unsure, so I took the 'highroad' and DQ'd myself.
I still played the 3rd round (clean sweep again...bless you Black Adam)
but it was all for naught.

So to reiterate, can I play WW at 32 legally in a tourney or otherwise? Or do I need to field the AE ?

You need to field the AE.

No you cant use ww at 32. it's the full point value. Rep for taking the high road though

yea lol its all good because eventhough I DQ'd myself, i managed to pull BLKADM/SHZM along with a couple others i really wanted, and i traded an extra Black Flash for the MM Apocalypse. So all in all a great day! :D
thanks for clarifying this one guys, much appreciated!

From Page 4 of the FF rulebook-

"Step 5: Place Characters
After objects have been placed, each player turns the combat dial of each
of his or her characters until a vertical green line appears to the left of
the numbers visible in the stat slot; this is the character’s starting position.
After a character’s combat dial has been turned to its starting position,
players can turn the dial only when directed to do so by a game effect,
such as taking damage or healing. You can’t turn the combat dial to look
ahead or back on the dial during a game.
The first player then places his or her force in his or her starting area
on the map. The player to the first player’s left then places all of his or her
characters. If there are more than two players, continue clockwise around
the table until all players have placed their forces in their starting areas.
Once Steps 1–5 are complete, play begins with the first player."

So unless the Blackest Night gives you the option, there you go. And for what its worth, im proud of you for doing the right thing! not many people would have.

Rep to you for honesty in an accidental flub.

Besides the green line logic (which make sense to me) the other way I look at it is the lower cost of Etrigan/Superman/Wonder Woman/Batman and their Alter Egos is tied together. Like Harpua said, it'd be like starting KC Supes on his HSS clicks.
The 48 points you pay for Bruce Wayne is not just the 4 click dial (that'd be a bit costly) but also the 4 clicks you may gain as Batman. Sure, there's a chance you won't be able to make the Alter Ego transformation, whether because of Outwit or getting KO'd before the transformation, but can't that potentially happen on any figure? Getting a useful power outwitted, or getting knocked past the sweet spot on their dial... IMO, that balances the 48 points we see for 8 clicks... that's a good point cost to me!

and thats an EXCELLENT way of putting it! even the lovely M-11 is 59 points for his 8 clicks, and outwit, perplex, and support are nowhere in sight on his dial.