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As John pointed out, the case capacity of the two cartridges (.32 H&R vs .327 Fed) is different enough to make quite an impact. "Full House" loads in the .327 really are "full". With almost all hot or max loads I have tested, the case is full of powder. You simply cannot get that much in the .32 H&R case. You might be able to reach similar pressures, but the .327 should always provide better velocities (provided you have a barrel length appropriate to the load).
With a short barreled handgun, hot .32 H&R loads should be good enough for most shooters. (There's no point in pushing into .327 territory with the loads. Hot .32 H&R loads give similar enough performance in short barrels. {in my opinion})
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Don't even try it. It's even worse than the internet would lead you to believe.
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