In answer to your questions, the 38 all the way. The 32 APC, according to my Speer Reloading Manual, #13, the 32 ACP fires a 60gr. GD-HP at a max of 1060 FPs. Whereas, the 38 Spl. w/ a 148gr. BB-WC, it goes at a max of 981. But remember, the 38 has a bigger, heavier bullet, and goes only around 100 FPs or less slower. So the 38 Spl. would have, more recoil, possibly more muzzle blast, and definitely more stopping power. Pay attention too, as the 38 Spl does use more powder than a 32 ACP. I'd further say the 38 is better reloading-wise, as the extremely small case capacity of the 32 causes you to have to practically hand-weigh each charge. Extremely small cases can have extreme pressure changes with even one-tenth of a grain of powder added or removed. So the 38 gives you more case capacity, and don't have to worry too much about hand-weighing each powder charge.
38 Spl.
148gr. BB-WC
5.1gr. Unique
981FPs
316 FT/lbs of energy
32 ACP
60gr. GD-HP
2.6gr. of 700-X
1060FPs
150 FT/lbs of energy
Hope this helps. Please remember, I took these maximium loads from the manual, to give the widest possible margin of difference between these two different cartridges. They may NOT be safe in any said firearm; always approach and use maximum loads with caution.
-Patriot
