I had a few .32 H&R Mag revolvers (15 of them to be exact), even one of the Marlin Leverguns. Fantastic recoil-free cowboy action guns (marlin sucked for reloads), a bit pricey to plink with unless I rolled my own, very limited supply of quality bullets, and very limited supply of factory ammo.
I carried an SP-101 .32 H&R for ccw for a while, and used a few of the Single Six "Vaquerito's" as rabbit and coyote medicine, loved them.
Ammo supply, and quality bullet supply is what really crippled it for me.
The .327 Federal Mag is a big jump up from the H&R Mag, but I'm not a huge fan of the high pressure you're talking about to get it. I traded my .32 H&R SP-101 towards a .327 Fed SP-101 when it first came out, loved the revolver, but just wasn't happy with the ammo or bullet supply. I ultimately sold it and got another .357mag SP-101.
Variety is the spice of life, so to each their own. There's absolutely NO benefit over the .357mag, unless you're REALLY dead set on the .327 Fed having a flatter trajectory over the heavier .357 mag bullets. Frankly, if you can dope for the .327federal's trajectory with a revolver, you can do the same for a .357mag trajectory. You can get into .38spcl for plinking for dirt cheap, whereas .32 H&R ammo will cost you as much as .357mag rounds, and both .327 and .32H&R are very limited on bullet choice and factory fodder selection.
Some guys shoot .41mags, some shoot .44mags, some shoot .45 colts, no reason there shouldn't be a little more variety at the .327-357 range.
A 6.5" to 7.5", 7-9 shot, adjustable sight, D&T for mount, full frame revolver in .327 Fderal would be something I'd love to own, unfortunately, I haven't heard of anyone producing one, or planning to do so. Would make a WICKED coyote wheelgun... Hopefully someone that's someone is reading this!