Gawd this thread is full of misinformation. Its almost like reading the local fishwrap/pravda. Lets start with the 32 Colt idea. Its a totally different cartridge than a 32 S&W. You pick, long or short, still different. The Colt caliber uses a .299 bullet and the S&W cartridges won't chamber. Its even lighter recoiling than the S&W chamberings. Anybody want to buy it?
Didn't think so.
OK, throwing rocks. How big a rock? In my illspent youth we used to load .32 S&W long with O buckshot. Pretty crude reloading setup, including a ground down nail to decap a hardwood block to reprime and a 22 short case with a copper wire handle soldered on. But this discussion seems to be from a guy who is asking a legitimate question who probably is clueless as to handloading. No foul there.
We've discussed from time to time cartridge interchange. Yes, you can use a 32 S&W in a 32 S&W long. But why? And you can use a 32 ACP in a decent 32 S&W Long gun. This time I won't bother with why. It a more powerful chambering often available with better bullets. Every single shot will result in a split case, and who cares? Its just a way to boost the power level a tiny bit. But at this level of power, every little bit helps.
And I understand why the loadings offered are pretty weak. I one time passed on a chance to buy a stringer of 32s. I'm old, grew up poor, and we used to go fishing with an old coathanger for our stringer. We'd just untwist the top and slide the unfortunate fishies on, then crudely retwist. The stringer I didn't buy had I think 6 revolver like things with the top retwisted. I think he wanted $75 for the entire stringer. I'm pretty certain my old Fanner 50 was made from better metals. I regret not buying it because I've seen a few "buybacks" that offer $75-100 per firearm. It seems uncertain who is in more danger using one, the shooter or the shootee.
As for the Keltec 32 being called dependable, Its not. Just more junk with a plastic looking dress. The problem with cheap and malfunctioning guns is you usually can keep trying with a revolver. With the automatic you've got to perform a jam clearing drill. Easy for most reading here, probably beyond most non-gun people.
The answer to the OPs question can't be answered by me. Too many variables and with training the user might become good enough to save his or her own life. Or not. Much depends on the current status. If the person already has the 32, its probably not adequate but better than a dead fish. If the gun hasn't been purchased, the person would probably be better off looking for a similarly junk grade 38. I've read that 22s kill more people each year than any other caliber. I have no way of learning if that's true or not. But at least you can buy 22 Stingers.