That would be a HORRIBLE idea. While the Cimmaron is a recent production gun... the SAAMI PSI max for .32-20 is incredibly low (like 16,000 PSI?) while the SAAMI max PSI for the .327 Federal is abnormally high at 45,000.
It's a truly awful idea and really shouldn't even be attempted.
The .32-20 was originally designed around black powder. This cartridge dates back like 130 years.
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.