I don't like the .44 Mag in a .44 Special analogy. The .44 Mag runs at significantly lower pressure (36k psi) than .327 Federal (45k psi).
Bottling all that pressure up in a case that wasn't designed for it may cause an unintended pressure release.
Feel free to work up hot loads in .32 S&W Long and .32 H&R, but don't just use H&R data in S&W Long cases or .327 data in H&R cases.
Something to keep in mind: Hot .32 H&R loads sometimes require small rifle primers, and most medium to hot .327 loads almost always require small rifle primers. (Not for ignition purposes, but to prevent piercing/blowout.) There is an exception, though. CCI Small Pistol Magnum primers are reported to be the same as standard CCI Small Rifle primers, but in a different package. My own experience agrees, but ATK will not verify the claim.
Whatever you do, have fun with it.
"Such is the strange way that man works -- first he virtually destroys a species and then does everything in his power to restore it."