I have been to Andy Horvath very frequently, he lives 35 minutes away. I have 4 custom .32's built by him and recently a 4" PPC on a model 10 round butt in .38 special. The .32 cal Smolt would be cool as hell because not many exist. I believe the main reason for .38 smolts is the faster twist of 1 in 14 the Python barrel has and the accuracy reputation of the Python. The rate of twist is great for 148 gr HBWC but S&W revolvers shoot great with the rate of twist they use. Not sure what rate of twist Colt uses in their .32 barrels to be some sort of advantage.
Was lucky enough to find a pre-war .32 target made from a pew-war .38 M&P target. It was made somewhere in the 40's or 50's, I own someone else's dream gun and it shoots great.
At any rate a custom revolver in a S&W or Colt is a fun project and we will love what you built as stated above. The hard part will be finding a .22 S&W cylinder to use, they are getting very hard to find. I love custom revolvers, build something and keep us informed. Enjoy the journey building one and shooting it when it's done.
Froggie's 616 was being built by Andy when I picked up the 5" K32 I had built from a K22. Andy says he won't retire but like all of us, he's getting older. Larry