As I noted in an earlier post, S&W did make a run of 432s a few years ago, but they were not a catalog item and disappeared from view in very short order. I bought one from Bud's after getting a notice that they were available - had my 632 already and got the 432 thinking it would be a good one for my wife to use when/if she ever completes her concealed carry training.
It had an issue for which I sent it back to S&W within a few months of getting it. They declared it unrepairable, and had no 32 caliber anythings to offer as a replacement. I said I'd wait indefinitely if they were going to make another run of 32s at some point, but they said I had to pick something from the current catalog now.
I have always assumed making a 32 just involved drilling different size holes than for a 22 or 38. But I'm not sure if there are any other 6-shot J frames in production now, so they would also have to set up for the 6 nubs on the extractor star, and 6 flutes on the chamber. Still, there seems to be at least a bit of a market for 32 revolvers, so it's surprising that there's no interest from S&W.