The .32 ACP is actually semi-rimmed. And yes, the semi-rim will support the cartridge enough to reliably fire.
Case head-to-recoil shield clearance ("headspace") is not optimal, but the S&W revolver design has enough firing pin protrusion to reliably fire.
The .32 ACP chamber pressures are safe in an S&W swing-out revolver, but this practice is not recommended in a breaktop design.
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