In a rifle (even a short 16" version), the 327 should really shine. With the SAMMI 327 MAP of 45,000 PSI, loading can effectively use primer appearance to judge approaching limits. The longer barrel allows high pressure loads without all the "atomic fireball" muzzle blast you get from a short handgun. The extra length will also allow all of that high peak chamber pressure to get translated into muzzle velocity.
Some worry about the high pressure rating, but the small diameter really does make a difference and it keeps the stresses low on the barrel and reciever.
For overall "general purpose" pistol cartridge lever gun use, the 357 and 44 are still tops. However, for simple fun shooting or for small game harvesting, a 32 just sounds so right. I can argue that a 32 H&R is a better choice for some (where lower power loads are the primary use), but the 327 in a rifle really does have the potential for more effective range in the field.