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If for example a pattern says to use size 8 needles on 34" cable is it okay to use the same size needle but a 32" cable instead
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Yes, this would work fine. A smaller needle than given will often work even with a lot of stitches. A circular will hold a lot of stitches and as many as you can comfortably work on the needle length will work.
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or if it says use size 16" cable can u substitute a size 24"
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Likely not with this change. If it said use a 24" you could probably use the 16" but you need to have enough stitches to go around the needle and the stitches they give for a 16" would likely not fit very well on a 24" because they wouldn't go all the way around without a lot of stretching.
There is a method of using a very long, flexible cable for small circumferences that is called Magic Loop. It is not that hard, but look for a good video, at least I could never figure it out from any of the still tutorials I saw.

You can also make a too long circular work by pulling up a simple loop. Suzeeq on this site promotes that method. I'm not sure what she calls it, but she will probably come on and say and maybe have a link where you can learn about it. I've been using it on my latest project and it is working nicely.
So there are options. A 16" will probably work for anything that says 24", maybe 29" too. A 32" will do for most adult size sweaters, and probably work for afghans as well. So you don't have to have as many sizes as it sounds like based on pattern information.