FWIW, I thought I'd post something rather interesting that I worked out back in 1995. I had a #4 RB in .32 long and a spare breechblock that I've converted to centerfire, enabling me to shoot .32 Colt ammo in it too. I'd worked up a number of fun loads for it, and enjoyed shooting it.
I also had several hundred rounds of 32 RF ammo, but that's sort of expensive, and I don't like to waste it. And at least in my rifle, the new Navy Arms .32 RF ammo was worthless: It wasn't much better than 'minute of washtub' accurate, even at close range. But the .32 RF was legendary in a bygone generation for its game - getting abilities. So I decided to duplicate the 32 RF load in the 32 Colt CF case. I broke a round of old Union Metallic .32 short ammo down, and found it was an 80g bullet (heeled of course) over 2.4 grains of fine flake smokeless powder. Several rounds established that it had just enough power to penetrate a pressure treated 2x4 (sideways), and dent the board below.
I tried several powders, but found that 2.2 to 2.3 grains of Unique under a 1/8" thick wax wad did the job nicely. The closest match on hand for the 80g bullet was the 85g Lyman 311419, which I used for most testing. It doesn't have a heel, so I couldn't load it in a .32 Colt case. I just dropped it into the chamber before adding a case charged with powder and held together with a wax wad over the powder. The wad (beeswax softened with enough petroleum jelly to keep it from cracking when a case was pushed through it) served to contain the powder charge as well as lube the bullet. This duplicated the ballistics of the .32 RF round to a "T".
This was a great little plinking load for the #4 RB, but it wasn't so great in the squirrel woods because it was such a bother to keep lubed bullets free from pocket lint. But when I found that an unsized bullet would slip into the chamber, I realized the lubing operation could be eliminated, as the wax wad would do the job alone. I just kept one shirt pocket full of unsized bullets and the other one full of .32 Colt Long cases that were loaded with powder and topped with wax wads. It was really very little trouble to drop them in the chamber, one after another. The little rifle wouldn't win any bench matches, but for hunting purposes, accuracy was quite good, while noise was very low, and recoil of course was non-existent. I also got similar results with Lyman 3118 slugs (of wheelweights), and eventually came to favor that bullet in the little boy's rifle.
Unfortunately, my eyesight had faded with age and illness, and I had a real problem focusing on the iron sights and the target together. So until I got a chance to scope the #4, I decided to do the same thing with my #3 Ruger in .30 - 40 Krag. However, I decided to lube the bullet and seat it normally, since I didn't need a heeled bullet for the 30 - 40. But I used a tuft of cotton (~0.2-0.3 g) to hold the powder charge down to the base of the case, where it would be easily ignited.
I figured to start by testing the penetration of a 30 - 40 loaded with 311419 and 2.3g of Unique, just to get an idea how much power loss would result from the lower pressure due to the much larger case. I was astonished to find exactly the same penetration in the pressure treated two by four lumber. Apparently, the more powerful rifle primer makes up for the larger case volume. In any case, it worked fine, and I suspect the same formula will work pretty well in most any .30 or .32 caliber rifle case. I put 7 shots through the same hole at about 35 feet from the 30-40, shooting from a rest inside my shop. The eighth shot left it a one - hole group, but opened it up from about 0.35" to about 0.5". (The 'rest' was a rickety old ironing board, and I think I leaned into it at the wrong moment.) But it's a mild report, zero recoil load with plenty of accuracy for the squirrels around here.
A special note on the effectiveness of these loads: I've read that the reason that the .22's replaced the .25 and .32 RF loads was because the .22's offered a flatter trajectory, making it easier to hit game in the woods. While it's quite true that the .22's DO have flatter trajectories, I've noted that they have disadvantages that are largely overlooked today.
A clean hit in a vital area with a .22 means Brunswick Stew on the table, and no mistake. But it also means a sharp "CRACK!" sound that is completely foreign to the woods. It takes a while before the alarm fades and you can hunt effectively again. More often than not, it also means more or less bloodshot meat loss from over expansion of the hig(er) velocity bullet. And that's with good shot placement. But poor bullet placement WILL occur, if only because the dang squirrel moves just as the trigger is pulled. Poor placement results in unnecessary suffering and considerably more disturbance in the woods from the squirrel's struggles, from a second shot, or from the sound of the hunter rushing to deal with the situation.
I actually had ‘twin’ #4 Rolling Blocks: One in .22 LR, and the other in .32 Long, which enabled me to make a good comparison of the two rounds. It has been my experience that the .32 RF (or loads duplicating it) is actually a much superior hunting round in the woods. Granted, it does suffer from a curved trajectory, but you'd be surprised how little difference that makes in the woods, where shots at small game frequently occur at 10 or 20 yards and seldom exceed 35 or 40 yards. And the lower velocity prevents bloodshot meat.
The 32 caliber has well over twice the cross sectional striking area of 22's, which seems to offer considerably greater allowance for aiming error (or just bad luck). A squirrel hit anywhere in the body with a .32 seldom struggles at all. It's usually a 'snap' from the rifle and a resulting 'thump' as the squirrel hits the ground, dead as a doornail. And that's another advantage of the slower .32 round: The low velocity doesn't require the higher pressures that give a .22 such a sharp report. Shoot a .32, and the sound is much like a small twig falling to the ground. There is essentially no disturbance of the woods. I've actually shot squirrels while surrounded by a flock of wild turkeys without alarming the birds. They kept on feeding on the acorns, and I kept on hunting. (BG)
Yes, I like .22's, and I still own - and use - a barrel full of them. (Mostly for targets and teaching gun safety to kids.) But that doesn't mean I can't see their limitations. And yes, I still use them in the woods in spite of those limitations. But for a delightful fall woods ramble and for sheer pleasure, I find the .32's a refreshing change of pace, and a much better overall choice. And the reloads that duplicate their performance lets me ‘re-learn’ the feel and handling of a deer rifle while sharpening my hunting skills. Try it. I think you'll like it.