Let's say you have a bunch of 3.1" .32 H&RM 6-shooters, complete and in parts, collecting dust after you dropped the .32 H&RMs from your lineup. Hmmm, why not ream out the chambers another .125" or so - the cylinder was lengthened years ago to the 'X' models so they could take >125gr .357Ms. Work a deal with an ammo maker to produce a stout/higher pressure round - and, voila, you have the .327 Magnum.
I recently sold my 4" SP101 and 4.6" BHG SSM, both in .32 H&RM - but not so I could buy a 3" .327M. I did it because, even at the lower pressures of the .32 H&RM, especially my wimpy plinkers, the brass was getting worked. My massive sampling of two Ruger .32 H&RM chambered revolvers revealed that they were both reamed at the limit of the Chamber ID - .337+". Commercial ammo - and my homebrews produced with Dillon dies - were .334" OD. The ammo dropped in easily, the swelled cases were hard to extract. The fun wasn't there - I had actually had enough of manufacturing slop. I sold almost all of my Rugers this summer. When S&W offers a .327 Magnum - I'll look it over again. They dropped the .32 H&RM, most recently their 431 & 432PDs, like Ruger - due to poor sales. I guess my interest in the .32 waned... .38s are no more expensive - and a lot easier to find, both in ammo and reloading components. Good luck to the .327 Magnum, however - I do wish it well.
Stainz
PS You .327 Magnum SP101 owners - how difficult are the spent cases to extract? They should be easier than a .38 Special... check the belled OD!