I carry both calibers in my KelTec's Just depends on which one I feel like that day
Their some difference but I bet BG won't know what caliber you shooting.
Look at this link he test the Kel Tec in 380 and 32 will give you some idea
Their is no offical 32+P or 380+P thats hype.
http://www.goldenloki.com/ammo/gel/380acp/gel380acp.htm