I still point to the actual .312" component jacketed slugs we have available for this round. Are they up to the task of the velocity we'd be pushing them to in a lever action or bolt action rifle?
Hornady says their 85gr XTP says their best performance is in the range of 750 to 1,550 FPS. And their 100gr XTP at 800 to 1,800 FPS. It doesn't say these numbers are a "MAXIMUM", but it does specify clearly that these are the optimum ranges.
I have been specifically warned from an "official" source that I can damage a revolver if I push an incapable bullet too fast, but the warning was very general and not at all specific. And I don't know if that "harm" would extend to a rifle. (unlikely?)
I'm not saying you guys shouldn't run the .327 Federal from a rifle, but I am saying that your bullet selection may be a factor. And because I don't hunt, I have no opinion on handgun bullet performance at what ends up being a BLISTERING rifle speed.
Remember that all the component jacketed .312" bullets on the market right now, with the exception of maybe the 115 grain Gold Dot -- weren't even designed with the .327 Federal from a handgun in mind... these bullets preceded this cartridge. These bullets came around to be loaded in to the very weak .32 H&R Magnum.
Of course, y'all could go with a cast or gas-checked cat bullet, too.
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.