Chris,
A fun project. Unfortunately a K frame barrel would not work. It could be threaded smaller but would look like a bull barrel unless re-contoured. Very difficult.
With signs of nickel on the hammer it has a nickel re-finish. Is it originally a blue (B under barrel) or nickel finish?
It has some deep pitting, especially the cyl. Too deep to sand/polish off. If you plan to nickel it again, brazing the pits by flowing brass into all pits will fill them nicely and polish smooth, w/o showing once nickeled over.
Braze on an original sight base and pin in a factory target blade.
You'll have a very cool early .32 Kit Gun.