The plus side is that if .32 ACP will chamber in a .32 S&W revolver, it will go bang. And if the gun's in good shape, it probably won't destroy the revolver immediately.
It will destroy an old top-break .32 S&W revolver before very long, give lousy accuracy, and have occasional extraction issues due to the smaller semi-rim. You might also experience pierced primers, since the ACP rim is very slightly thinner than the S&W's.
So, can you? -- probably. Should you? -- heck no.
For handloading, I have used salvaged .32 ACP BRASS to pinch-hit for .32 S&W, using lead wadcutters and very low pressure loads. It's a decent workaround when there's no .32 S&W ammo or brass to be found, which has happened a lot lately.
You'd need to be pretty easily distracted to mistakenly put this kind of handload, with lead wadcutter bullets sticking out halfway, into a .32 ACP pocket pistol, so ammo confusion isn't really an issue. However, you'd be much better off shortening .32 Long brass to fit so the rim will be the proper diameter and thickness.