It's hard to believe this thread started two and a half years ago and that I've had the completed gun in hand for almost two years. Each time a related topic comes up, this one seems to get resurrected in one way or another, and without fail I get notification of at least one or two new "Likes." I still can't help but believe this would be a winner of a short run project for S&W, but still hold forth little or no hope that they will ever attempt it. More's the pretty, but I'm feeling just that much better about going on and building my own instead of waiting.
As for 327 loads, I'm finding that the factory load of choice is the Federal Premium Gold Dot that is a half jacketed hollow point with the little bump inside... it is definitely a high performance load that I have personally observed mushrooming out perfectly to the base of the hollow and dumping all of its energy in a two liter soda bottle filled with water... so much so that the bullet remained inside the badly distended (and emptied) bottle. Otherwise I'm still using my previously mentioned NOE 125 gr bullet in 327 brass, now over a charge of H-108 (no longer available, but I have a bunch for myself

) for about 1100-1200 fps or a 32 S&W L load of 2.5 gr Bullseye under a 100 gr swaged SWC from Hornady. Unfortunately it appears that they have discontinued the 500 rd packaging of this excellent bullet.
As far as the building project itself, I would start from the same Model 66 ND or a Model 66-1, my personal favorite variants of the model. I would get a Model 617 barrel in the length of my choice and have it bored by Clearwater (Delta Gun Works) or whoever could do a top notch job... this may be the most critical part of the job. The other part I would need to find would be the cylinder, and I would get either the Hamilton Bowen custom cylinder blank or one or another of the 22 family of stainless K-frame cylinders that S&W makes. Whatever cylinder I got, it would be one with an old school round extractor body to make the reboring and chambering job a little easier. Finally I would turn all the parts over to a gunsmith of talent and skill (I wouldn't hesitate to go back to Andy, but there are many fine gunsmiths out there who could do this job) and sit back impatiently until it was done. The only other variants to what I have done would be picking grips and sights. I'm still thinking about the Behlert sights I mentioned or perhaps ones by Wiegand, and I'm just getting ready to add a set of FGSC grips made of ebony (more for looks than any real utility.)
I found a classic Bianchi break front holster and some HKS Speedloaders that fit and I'm good to go. My home club is in the process of building a new 50 yd pistol range, so Project 616 should get out to play much more often this Spring and Summer. Think Warm Weather!!
Froggie