Tamara,
I went back and looked through the ballistic charts online for the .32 Mag loading. You are correct, the .32 Mag beats the non plus-P .38 Sp., which goes goes to show how pathetic the .38 Sp. is. The +P Hydra-Shoks I carry in my S&W 638 top the .32 Mag in muzzle energy by 30 ft-lbs. Not much trumpet about. I guess I will have to give my 331 its due, and carry it for awhile as penance.
I will say, however, as far as shooting .32 Longs in the 331, BIG MISTAKE! The first and only time I did this, the ylinder was so gummed up I could barely extract the casings, and it was a bear to clean, leaving permanent marks on the Ti cylinder.