No... it would be like shooting a...
...wait for it...
.30 Carbine. (see my previous post)
This is a revolver round. It could be made to run in a rifle, but it's purpose-built for a revolver. There have been folks hot-rodding the .32-20, as I understand it, and I'm sure they can tell you what .327 Federal out of a rifle would be like.
As much as I like this round and as much fun as I've had with it, I see severe limitations to the .327 when you chop the barrel. The 2-inch and smaller class snubs are just neutering a high pressure round. CDNN has the snubbie Taurus .327 revolvers for PEANUTS! Seriously, the price on them is unreal... $239 for the snubble DAO with bobbed hammer. $299 for the 3-inch stainless, ported.
And IMO, the draw to an SP-101 sized revolver over .357 Magnum is not the 6th shot over 5, it's the INCREDIBLY decreased felt recoil of the round.
Street data? Doubt there is anything. If you can make any assumptions on paper & math, than the .327 Federal from an SP-101 should be more devastating on-target than any short barreled .38 Special, and it'll do it with the controllability that you can't get from a .357 Magnum small frame, short barreled revolver.
Small .357s are a nightmare to shoot for most people. The .327 Federal out of a SP-101 is just plain fun.
Attention Brass rats and other reloaders: I really need .327 Federal Magnum brass, no lot size too small. Tell me what caliber you need and I'll see what I have to swap. PM me and we'll discuss.