Dear Raj,
I have had previous experience with the CPLDs and i would suggest that it is only for advanced users
I believe that your job can be done with shift registers, one shift registers for 8 inputs or outputs. your board may become bigger for too many i/os but you can use readily availabel components and you dont have to wait to learn vhdl/get a board /cpld and all that

The shift register chain can be made up of a number of output shift register devices (74HC595s) and a number of input shift register devices (74HC165). Both these chips are 8-bits wide, so the number of inputs and outputs available will be a multiple of 8. Only as many devices as are required may be fitted.

for a detailed description and a rough diagram contact me.
vinod