I'll throw my $.02 in here. I had both a 4" SP-101 and a SS BHG 4.6" SSM in .32 H&RM. The cases would bulge upon firing, as Ruger had reamed the chambers to .337+", barely within the SAAMI spec's. Commercial ammo - and the Dillon die produced ammo I made - were considerably smaller, actually ~ .334". So - even my wimpy 96gr LRNFP over 2.4gr Titegroup, making a whopping 717 +/-6 fps, would bulge the cases in both the SSM (Chrono-ed) and the SP-101 chambers. The brass had a short life compared with .38 Specials. Even my 115gr LRNFP loads, same charge, barely made 730 fps. Neither would drop a falling steel plate. My 125gr .38s, lead or jacketed, dropped them with authority. The kicker was the bullet availability - and price - .38s were little more in cost - and a lot more available. I sold both Rugers and all of my ammo and reloading supplies for .32. They were fun - but .38s are more so.
GA Arms loaded a very nasty Hornady 100gr JHP in .32 H&RM - that made 1,186 fps from that 4.6" SSM. It was entertaining to say the least when the 'little' round impacted a 2L pop bottle full of water. Of course, a 158gr LHPSWC +P .38 is more so. Those GA Arms 100gr JHP .32 H&RM rounds would foul the SP-101 in ~24 rounds. Still, I always wanted a S&W 432 with them - thought it would be neat. My pusher had them for $339 - cheaper than a 642 then. Yeah, I snoozed!
I noticed Davidson's had listed hundreds of 3" .32 SP-101s several years ago - then they were suddenly gone - and Ruger had a 3" .327 Magnum. I am convinced that the early production of them was simply a rereaming of the original chambers - and restamping the caliber. Just the chamber depth to the step would need changing - not the ID. In any case, I wasn't interested - and that persists. Sure, the .32 was neat - the revolvers tied for the worst Rugers I had ever bought. Burrs, ridges, etc, made them almost non-functional. Sure, I had owned a lot of Rugers - and new how to 'clean them up', but they were a real challenge. They were 'perfect' when I sold them, of course. I'll stick with .38 Specials as my 'miniature' centerfire round - and S&W revolvers - and CCWs will be .38s or larger, as well. YMMV.
Stainz