Yes, the 431/432 are .32 caliber, but they are .32 H&R Magnum. .32 H&R is a far, far cry from the anemic .32 acp. The .32 H&R offers performance similar to standard pressure .38 special, which is a proven reliable round, in my opinion.
Georgia Arms supposedly make a very hot 100 gr loading for the .32 H&R that I have yet to try. I have been shooting and carrying Federal's 85gr Personal Defense round, and have had the chance to try it on animals ranging from coons to coyotes, and have found it quite effective.