Bangaway, Sorry for the late reply to your questions.
I have both versions of the Taurus .32 kit gun. The Taurus kit guns are models 74 and 741. The Taurus guns that more closely matching the model 16 in size are the models 76 and 761.
The Taurus model 74 has adjustable sights, 3" barrel chambered in 32 long and made of blued steel. The model 741 is stainless steel version with full underlug barrel, adjustable sights, chambered in 32 magnum, and available with 3 or 4" barrels. As far as I know, both models are out of production. The model 74 was produced in the 70's and the model 741 was introduced in the 90's. My model 741 is a constant companion when I go to the woods, it is handy, deadly accurate, and being stainless steel, easy to care for.
The model 731 is a more recent version, with 2 or 3" barrels, but fixed sights. The 731 was chambered in either .32 H&R magnum, or 327 Federal. It may still be in production.
The Taurus models 76 and 761 were both blued steel, built on the larger frame (K-frame sized) with 6" barrels (all the ones I've seen anyways) one was chambered in 32 long, the other in 32 H&R magnum. They are out of production, and have been for some time. They were produced concurrently, so I don't recall which model number corresponds to which caliber.
As for Cast bullets. I prefer my .32 bullets to be pretty darn soft. I tend to keep velocities at or below 1400 FPS, and I find that a properly sized bullet of a soft alloy is the most accurate through any of my revolvers. The alloy I use for .32's (and most handgun bullets for that matter) measures BHN 8.5-BHN 10. Not to say that a harder alloy couldn't work, but it certainly isn't needed. Fit is KING when it comes to lead bullets. undersized throats or a constricted forcing cone can wreak havoc on revolver accuracy. You want your throats to be .001"-.002" larger than your groove diameter, and size the lead bullets to match the throat. I the forcing cone is restricted, the only real solution is lapping.