The 38 Special is listed as 1.55" OAL, while the factory spec for the 327 is 1.47" according to the specs I found... it would appear to me that a cylinder for a Model 60 (pre-357) should be fine for both the 327 FM and 22 LR I so eagerly desire! Yep, I've been dreaming this dream long enough to work out some of the more obvious details.
My hot loaded 125 grain rounds loaded for my K-frame and Blackhawk would be a little bit long for a J-frame cylinder, but factory rounds and near equivalents should all be fine. I'm not sure I'd want to hold on to a J-frame with maximum (not standard factory) 327 FM loads. That might be a little too much of a good thing!
Froggie