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Any thoughts on 32 cal magnum as a defense round?
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Insufficient.
The .32 H&R Magnum isn't really a 'magnum' ballistically. It's limited by the lack of availability appropriate ammunition. About all you can normally find is the 85gr Federal JHP (it's not listed as a Hydrashock). It's not the best designed hollow point on the market and at 85gr and a listed velocity of 1120fps (opposed to what it actually does from your gun in a real world test), I doubt that it will actually produce enough velocity in a short barrelled gun to give reliable expansion.
Don't get me wrong, I like the .32Mag- especially in short barrelled guns like the Smith J frame and the Taurus versions of the same design. Ballistically speaking, it's much closer to a .38 Special or a .38+P than any of the magnums. It's a fairly easy recoiling round and it's extremely accurate. My sister has a ported Taurus 2 inch in .32 Mag that can hit 24 inch gongs at 50 yards all day long if the shooter does their part. (It also throws a REALLY impressive fireball through the ports just above the front sight in low light situations.)
Now, the new .327 Federal Magnum is a whole 'nother animal. It's a true magnum and has the potential of being a good self defense round. Federal has a 85gr Hydrashock load that has a listed velocity of 1400fps. Out of a short barrel, I think that this load has a good chance of actually producing enough velocity to get reliable expansion.
I'd like to see Taurus or maybe S&W produce a nine shot 327 revolver. Being able to use three shot 1/3 moon clips would be kinda neat.