I have not heard of the .327 round yet but the 32H&R Mag gave you the ability of shooting all the other Pistol 32's giving you the same as shooting .38S&W, 38Special, and .357 Mag out of the same revolver. This was done because the H&R revolver frame was not long enough to chamber 32-20. It is not a real popular caliber and the other .32's (.32S&W and .32long)[I think I even read that the .32 Acp could be shot out of the H&R Revolvers because the .32 ACP is semi rimed, but verify that before trying it!] have become rather expensive not to mention the .32H&R are not cheap compared to .38 special. The only thing cool about a .32 is that it will hold 6 in the same size frame that will only fit 5 .38's. But you do not have the bullet selection that you would with .38/.357.
I would look to get a used .357 Mag in an L or K frame, if I were you and use .38 Specials for any small game and if you really feel like spending big $ on ammo buy .38S&W's to plink with and use .357 mag ammo for your predator or medium game hunting.
I would start with the book Cartridges of the World and see what else would fit in the .327 if any thing at all. My copy does not contain .327 Federal.
I'm sure one of these guys could give you an outfit that will take a barrel and re chamber/ bore it to .327 for you for a fee. I think you would be happier with a .22 Hornet as a rifle.