Ray,

These are chambered for .32 S&W (Short) only! .32 S&W Long is too long for the cylinder. .32-20 is a bottleneck rifle cartridge that was chambered in the K frames prior to WW2.
The current production stuff from Win. & Rem. is loaded very light and is safe to shoot occasionally. There are a few makers of cowboy action ammo also. Keep in mind that these were designed for black powder pressure curves. All that said, I have one and it's a great shooter.

Given the relatively low value of these, and the fact that restored guns are worth even less, I would only worry about it's condition mechanically. If a gunsmith tells you it's shootable, then give it a good cleaning and keep it as-is.
Chris
Chris

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Chris
SWCA #2243 SWHF #292