I have formed over 200 .32 Long Colt cases from new .32 S&W Long cases. It is a lot of work. It is impossible to squeeze the bottom "solid-head" portion down the 0.020" required. The rest can be formed, but it requires cutting (and a lot of measuring) at the bottom. That takes time. It is also all too easy to cut too thin the part of the case just above the solid head, resulting in a separation at the first shot.
I ran across 100 old balloon-head .32 Colt NP cases for only $5 at a gunshow this weekend. I had a wild idea and bought them. I took them home, covered a few with forming wax, ran them into the .32 Long Colt sizing die completely up into the sizer (rim flush with the bottom of the sizer), then tapped it out from above with a round rod. I left the spent primer in place while forming it. The case diameter did not completely size down. It was just a little too big at the bottom (approx. 0.322" OD). The case is thicker at the bottom so it did not size down like the upper part did. So I ran it through a Lee 0.314" sizer the same way and it came out the right diameter at the base (approx 0.318").
I am going to form the others and try shooting them. I have shot 41LC balloon-head cases in the past (before Starline started making them). They load just like solid-head cases. However, they do not last as long. The primer pockets get loose after 2, 3 or 4 loads. Anyway, as easy as it is to form them, it is worth doing it.