There's a difference in case capacity and probably a difference in the construction of the two cases which would affect the strength of the brass.
You wouldn't want to use .327Mag loads in a .32H&RMag case unless the cases are identical in capacity and strength.
Assuming that the case strength is similar you could reduce the .327Mag loads to compensate for the reduction in case capacity between the two cartridges and get roughly similar performance.
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