Well, perhaps. Frankly, for most uses, the .32 H&R, IMHO, is a better cartridge. When using target level loads, the .32 H&R doesn't have the velocity swings that the .327 does and just flat generally shoots more accurately. The .327 has more power at full throttle, but also LOTS more muzzle blast and other than shooting flatter, has little to recommend it over the .32 H&R in a good platform. I flat out LOVE my Model 16-4 (6" barrel) as well as my Model 631 (4" barrel) as a really effective "kit gun".
But, that's just me. Froggie would agree with you, but I will always prefer the .32 H&R for both edible small game as well as range use.
FWIW
Dale53