Having owned and carried snubbies in various calibers from .22, .22 mag, 327 federal, 9mm, 32 S&W long, 38spl and 357 mag, I'll toss in my two cents. ( Come to think of it, I still have a 32 snibbie in the safe somewhere.)
First, a snubbie chambered in almost anything less than 9mm is giving up ALLOT of stopping power. Read: if you can't stop a BG with 5 rounds of 38+P, your likely going to need allot more than one extra round of 32 S&W to finish the job.
Second, 32 cal anything is going to severely limit you in ammo choice AND cost you a comparative fortune to feed over the more common calibers.
That said, I did say almost. If you can deal with the harsher firing characteristics, the 327 fed mag (essentially a 32 S&W on steroids) does give you increased ME and the extra round .
Personally, I find a good J frame chambered in 38+P or 357 (loaded with 38+P) a recipe that does not need improving upon.