Timothy,
I have been carrying a Kel-Tec P32 going on two years now, and I have become completely spoiled by it (the heavier Kahr K9 is collecting dust).
At first I used 60gr Winchester Silvertips, that was before I did my own independant ballistic testing using 60 pounds of Playdough (that's right, 60 pounds of it!).
Of the rounds I tested, the Silvertip expanded the most, and not surprisingly penetrated the least, averaging about 5.5" penetration.
The factory load with the most balance between penetration and expansion at that time was the 65gr Federal HydraShok.
This is the round I carried for about a year. I put many of these rounds through it, without any malfunctions, not even the dreaded "Rim-lock" that the little P32 is notorious for.
About 6 months ago I discovered Cor-Bon's entry, a 60gr JHP with a huge cavaty and roundish ogive. The listed velocities are at 1050 FPS... compare this to the 800 or so FPS for the Silvertip using the same bullet weight and you can see the advantages.
Even though these Cor-Bons are hot for a little .32acp, the P32 features a locking breach, so there should be no fears of having too weak an action as it is far stronger than most.
I switched to the Cor-Bons after my tests.
The 60gr JHP expanded, then fragmented in bare playdough. The penetration was about 11" with fragments found as shallow as 2". All that was left was the shank of the bullet, petals fragmenting off early.
After two layers of cotton duck, it amazingly still managed to expand (beautifully to a picture-perfect .40 caliber).
The penetration was at 7.5" after experiencing this phenominal expansion, absent of any fragmentation.
This is why I switched (after function testing 50 rounds without hangup), and this is why I recommend this round 100%.
Good luck with your search.
BTW, I recorded my ballistic testings, so just Email me if you have any questions about other .32acp rounds, as I tested several.