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The 327 mag with the right bullet would be as good for deer as most any other common handgun round. In fact the 327 referred to in the link was using a H&R 32 magnum round when he shot the deer in the article. The biggest issue with a lot of the common factory ammo is that the bullet was designed for lower velocity and does not penetrate well. A good lead gas check SWC cast bullet would work fine on deer.
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Who sells gas checks for .312 bullets? I have some 30-30 Winchester gas check bullets and they measure .310 in a finished bullet. Then there is the question of a mold. Any help there re the 327 Federal Magnum bullet?