It sure sounds like a gun that someone put together, other than the factory.
Before I paid even shooter value for one, I'd be sure to cross the "T's" & dot the "I's" when inspecting the RB action, as to exactly which one it is, and if it had the firing pin properly bushed (for safety).
The .32-40 is probably not an issue, pressure-wise, given proper headspace and an uncracked block lower half at the axle - something to take into account if you can't take it apart or to a gunsmith for a look-see.
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