.32 Long/Short Colt bullets loaded since the 1930s will simply drop through the barrel.
They MAY grab, given that they have a big hollow in the base to blow into the rifling of older Colts that used the heeled bullets, but there's a BIG difference.
I'm betting that accuracy would be nil and leading would be pretty bad.
That's a really nice gun.
You ever want to sell it, let me know. 6" versions are hard to come by.