We need pictures.
"Plastic looking bone" grips can cover a multitude of sins.
So can nickel plate. For a quick check, are the hammer and trigger plated or are they case colors? (Hint, S&W does not plate hammers and triggers, white parts are a sure sign of aftermarket work.)
Current production .32-20 ammunition is loaded to about the same pressure as .38 Special, so the gun is as safe to shoot as a .38 of the same age.