IF it is really 32 S&W Long brass, it will be too large for the chamber. Try one, just don't force it. Some places are using 32 S&W Long brass and swaging it to fit 32 Long Colt. I have about 50 pieces, brand new, if you are interested. Also a brand new set of CH4D dies in 32Long Colt and a couple hundred cast bullets. PM me if intereseted.
Chamber reaming will devalue the rifle for resale, but will make it more serviceable and probably more sellable down the road. So, that becomes your choice. Leave it as is and make your own ammo and maintain a piece of history or alter it to suit your purpose. Decision as old as time itself. ENJOY!