GEO,
I would not try to size the gun to ones that have been out of production for a century. When talking guns, we usually talk about the J-frame, K-frame or something else that is familiar to most shooters. Please don't take this as a criticism, it is not meant to be. Just a suggestion.
While, the WEBLEY design was strong enough for the .38 S&W, we would need at least a gun large enough for the .38 Special. The large frame WEBLEY'S would do, but they would probably be expensive, heavy and way to large for CCW.
A six shot .38 Special, sized similar to the COLT D frame used by the Detective Special and Police Positive might be a good seller, if the trigger is smooth and the frame solid enough for reasonable accuracy.
A medium frame gun, fitting the S&W K-frame might also sell, but the price would be the determining factor after it passes the quality and accuracy milestones. I love the RUGER Security Six series, but I just cannot see a medium size, break top revolver in .357 magnum and based on problems with the .357 magnum use in S&W K-frames, I would want a stronger design or larger frame.
Of course, RUGER went the 5 shot route in .357, with the SP-101 and has had great success.
I do not see .32ACP revolvers selling, unless they are significantly smaller and easier to conceal, than the S&W J-frame size revolvers. A plastic framed, 10 ounce gun splitting the size difference between the NAA mini revolvers and the S&W J-frame might be a winner! Taurus already makes a .380ACP revolver and I have not heard that it is selling well.
As a rule, I am against revolvers chambered for rimless, semi auto cartridges. I have had 5 of them in 9m.m., 10m.m. and .45ACP and none were completely satisfactory to me. However, that could just be me.
I know that a lot of WW One era WEBLEY'S were converted to .45ACP, but that is a large frame gun to begin with. Also, would a large frame gun be able to hold up to a diet of +P ammo. I guarantee you, someone and probably, a lot of someone's would blast away with +P ammo and even hotter handloads.
S&W could probably make this work, but they are not that innovative, lately.
DAN WESSON is out of the REVOLVER business.
RUGER is fairly innovative, but seems to be able to sell everything they make now and is not likely to jump into an unknown market, without a big payoff in sight.
COLT has only just returned to the revolver market with overhauls of earlier guns and unless CZ decides to pay for it, probably could not afford a totally new design.
CHARTER ARMS could probably do it, but the triggers on the UNDERCOVER'S, that they are turning out now are not acceptable to me. I have a pair of Undercover revolvers and a Bulldog and all of them have had action jobs to smooth the trigger pull, while the last two Undercover revolvers that I shot had a trigger as gritty as sandpaper. If CHARTER does introduce a gun like this, they need to put the effort into the trigger or it will sell only as a novelty gun!
The most important thing in a producing a new revolver design, at least to me would be making it useful (NEEDS A SMOOTH, DOUBLE ACTION TRIGGER) and practically accurate. It does not have to beat of PYTHON or S&W 686 in accuracy or smoothness of trigger, but does need to be reasonably close to the level of a S&W model 10 or 36, depending on the size of the design. It would also have to be durable with the chosen caliber. A .38 Special that is not rated for continuous +P is going to fail, in my opinion, unless it has another really good selling point.
A .44 Special, should be fine with a continuous diet of .44 Special ammo, like the WINCHESTER Silvertip, CCI BLAZER 200 grain jhp or HORNADY 165 grain Critical Defense, at the very least. If limited to cowboy loads, their is no point in making it.
Just my opinion,
Jim