Depends on your method of carry, but the SP101 is a belt gun, not a pocket gun, way heavy. And, I'd get it in .357 magnum. The .327 is basically a hot .32, no thanks. If firepower is your concern, the extra round, get an autoloader. My 9mm Kel Tec puts up similar energy figures with a bigger bullt and holds 13 rounds in a 14 ounce pocket pistol. Snobs who like to brag about how much they spend can buy Kahrs or the Rohrbaugh, though the Rohrbaugh is hard to find and not +P rated. I see little use in the .327 unless you are looking for less recoil and more muzzle blast than a .38 +P. JMHO, though.
There's plenty of selection in .38 Special and I have no problems relying on the caliber. Ain't like it's new and un-proven, put it that way. 642s are affordable and popular. I carry a Taurus M85UL and love it. Body guards appeal to me, though I don't have one. I like the ultra lite for its pocketable light weight, a pleasure to carry and it's got upwards of 7K rounds through it and no cylinder play, still like new. Mostly practice with standard pressure loads. It's a very accurate little snubby and the DA trigger is better than anything else I've ever tried out of the box of J frame size.