.327 Federal runs a similar weight slug (but a slug that covers more range in weight...85 to 115 grains) over the .30 Carbine (110 only in factory ammo) but it runs it at a slightly higher chamber pressure. .327 Federal peaks at 45k PSI to the .30 Carb's 40k PSI.
The .32-20 is much lower in max pressure in comparison, and uses a weaker piece of slightly bottle-necked brass. .32-20 has been run very hot, to similar levels, LONG before the .327 Federal came out, and run searches on Paco Kelly to find out more.
In the year 2013, there's nothing you could do safely with a .32-20 that you couldn't do better in every way with a .327 Federal -- assuming you had the firearm. What I mean to say is... yeah, nobody makes a .327 Federal lever-action rifle right now.
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.