16.5” or 20” Barrel which would you pick for .327 Federal Magnum?

I went with the 20" steel myself. My factory ammo for it is the 100gr Federal American Eagle load for the reasons Fulk above shows.

327 Fed Mag is pretty much a hand load only proposition any more if you don't already have a stash of factory ammo on hand.

Sure glad I bought all the brass I could back when.
 
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