W296 is basically a .44 magnum powder. But even in .44 or .357 loads W296 isn't the powder you would choose for wadcutters.
I think you should just forget about it for .32 H&R loads regardless of the bullet. It needs a minimum pressure for reliable ignition that's higher than the maximum for .32 H&R.
W296 can be used for some jacketed bullet loads for .327 although there are probably some better choices.