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Think about it, the 327 is only 3 hundredths of an inch smaller than 357
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That brings up a question. Where did the ".327" come from? Bullet is .312-.314. Case is .337.
Looking at data from Federal the .327 runs about 10%-20% less energy than the .357 depending on the round selected.
Brass supply is going to be a problem. There are far fewer choices for bullets.
All that being said, it would probably be a great round in something like the LCR or Airweight if you could fit six rounds at the current weight and width or go to five rounds in a slightly thinner and lighter package. At same # of rounds and size/ weight I would stay with the .357