.32 S&W is not loaded any hotter than it ever was. There is some debate over the effect of smokeless versus black, but a moderate amount of smokeless is not going to wear your gun out. At least it did not mine.

As said, .32 ACP is not right and it IS substantially hotter than .32 S&W.
Don't shoot it.

A period S&W in the original box is a good catch, take care of it.

Flayderman says that .32 Double Action 4th Model, 1883-1909, serial numbers below 209300 were made before 1899. That would make yours an antique. SCSW does not pronounce on antiquity that I have seen.