Guys, I was scanning this thread because, after a long search, I acquired an unfired, NIB 16-4 Masterpiece last weekend, with box and papers. While pondering my new poverty, I was looking to see how you folks were loading your .32s, and which ones. I have to decide whether it is worth the effort to have Hamilton Bowen lengthen my chambers for .327 Federal. First thing I did was take some measurements to compare with my other Smith HE .32s, a Ruger Buckeye Special, a Win HighWall, and my reloaded rounds in .32 S&W, .32 S&W Long, .32 H&R Magnum, .32 ACP, .32-20 (.32 WCF), and the oddball 7.65 mm French Long (which is really the old Pederson round of WW-I). I guess I like 32s. I noticed there were questions here about bullet diameters.
I'm making the assumption that S&W has settled on the diameters they are using for all their 32s, and that my 16-4 dimensions apply to their other revolvers chambered for .32 H&R Magnum, and now .327 Federal Magnum.
All six cylinder mouths of my 16-4 measure .312", which is perfect for our purposes of excellent accuracy and having ready access to the correct bullets.
Groove depth at the (unfired) muzzle is .308".
To comment on what I read in this thread, .32 ACP really uses a true .30 caliber bullet, which is .308". In Europe they call it 7.62 mm or 7.65 mm Browning. .30 Carbine is the same .308" bullet. So are all the various .30 reduced load rifle plinking bullets for use in .30-06 or .308 brass. Any of these should be a fine fit in the S&W bores, if you can find the weight you want.
Thompson/Contender is also boring their .32 barrels to .308", so all the high velocity jacketed bullets made for those would be fine in the S&Ws. (Remember to use an expander button of about .306" or .307" with these.)
Cylinder throat fit is another matter. The 30s will be .002" loose in the Smith cylinder, if yours is the same dimension as mine, and while that's not bad, accuracy may be less than perfect, but O.K.
A .32-20 (.32 WCF) bullet between .310" and .312" would be just about right, or any JSP which the manufacturer specifies for .32 H&R.
But to get it really nailed accuracy-wise, I would suggest a cast lead bullet of your preferred weight, sized to .310" - .312" and using a readily available .30 gas check. Be sure to buy the kind with the little edge that crimps on firmly. This diameter will just pass through cylinder throats perfectly, and will slightly size in the forcing cone to be a perfect bore fit. You should be able to tailor powder charges to make real tack driver ammo.
If you use the equivalent of Lyman #2 alloy or straight wheel weights, plus a gas check, plus a good lubricant (ideally including some Alox), you should be able to drive these from 1200 to maybe 1600-1800 FPS without any leading problems, if you have a decent and unpitted bore, and if your loading manual data safely permits it. Pressure is the determining factor, once you have a bullet that will hold up and fly true.
If you really know what you are doing, they can be driven up to about 2300 FPS, but you probably cannot get away with the necessary pressures in a handgun, unless it is a Contender. And you need barrel length to get up the acceleration. Check out the Laser-cast 115 grain .32-20 bullets containing silver, and guaranteed not to lead at rifle velocities. (They get their lead from silver mine tailings out west, I understand.)
.32 H&R Magnum seems to be a pretty decent little round to stay with, whether the new .32 Federal Magnum survives the trials of the marketplace or not. You can have a lot of fun hunting all sorts of small game and varmints at moderate range. And I can already see that that this 16-4 is going to be one of my real treasures. Wish the S&W Classic Firearms Series would generate this one again. Seems to be some interest, and the economics of reloading .32s are very attractive these days.