With that said, I want to respectfully disagree with Natman on several points. I do agree that a .32 caliber revolver will not be quite as small as the smallest autos, but a revolver can be quite a lot smaller and lighter than an I-frame S&W. The I-frame is a 6 shot revolver, and the original post in this thread specifies a 5 shot revolver. I have recently had the opportunity to handle an old 5 shot top break .32, and the cylinder was almost toy like in size.
The .357 magnum S&W model 340 with titanium cylinder is listed as weighing 11.8 ounces, so the 12 ounce weight is also achievable. Admittedly, that weight might require the most expensive materials like scandium and titanium. But since the market will not support this design, and this gun will never be more than a fantasy, I might as well fantasize about a gun made just the way I want, and made with the best materials.