Is it your opinion that 32 H&R Magnum is sufficient for a self defense cartridge or maybe only minimally sufficient? My unscientific opinion has been that it ought to be somewhere in the realm of a 380 from a pocket pistol. Given that they have similar weights I'm hoping that the 32 will penetrate as well as a 380, but I have very little to base that on.
In my experience, the 32 H&R will out penetrate the 380, considerably. The 380 has a higher Taylor KO factor, even when both are loaded to the same velocity with the same weight, so many folks will tout the 380 as harder hitting, but I've not personally found it to be as fast of stopper on game. I think the 380 is lacking for velocity to capitalize upon its larger diameter, so its higher TKO numbe actually works against it - a little shallow work isn't as good as a little less deep work. Ballistically, it makes sense that the 32's penetrate deeper and why the Taylor factor is greater for the larger diameter 380 - you're talking about relatively similar velocities with similar bullet weight, but the 32 H&R runs smaller diameter bullet (higher sectional density = greater penetration). Additionally, most of the bullets available in 32cal are built with 1000-1200fps in mind, such they don't open as readily as the more lightly constructed bullets meant for 380acp; again, promoting greater penetration. Run a 380acp into a coyote, things are really unimpressive. Run a 32 H&R into the boiler room, however, the results come to pass much more quickly. Neither are ideal, but "enough is enough." If a guy loads the 32H&R to 327FM pressures, or near to, the gap broadens for it over the 380, as I often say - there's no replacement for displacement, and the 32's house a lot more powder than the 380's.
So clearing the "enough" bar, I just don't spend much time wringing my hands over the "is one extra round better than more horsepower" argument. I prioritize my carry in this manner:
1) Having a firearm is better than not
2) Having a more stopping power is better than less
3) Having more rounds is better than less
Qualifying then follows thusly: I want a package I can carry all day every day. I call it my "Every Damned Day" carry, to emphasize it's not just "every day carry..." I wear a watch every day... Except for when I'm cutting wood, building fence, working cattle, driving on a long trip... "every day" starts to be a lot less than 365days a year... So I carry an LCP EDD - I wish I had an LCP sized pistol which held 30rnds and hit like a 45colt, but such a unicorn doesn't exist. When I carry something larger then, my 2nd priority takes over - I'll carry a 357mag LCR or SP101 over a 22WMR LCR. Following to my 3rd priority, I'll carry a G19 over an SP101... Any of these larger pieces are on top of my EDD - which is enough. If a 32 H&R or 327FM were available as small as the LCP, then I'd default to number 2 and favor the improved penetration of the 327 over the 380, but since the 32's are much larger, the draw of easier concealability gets my pole position. Defaulting to these 3 rules, in their respective orders, I'm more prone to carry a 357mag LCR than a 38spcl, and mor likely to carry the 38spcl than the 327 or 32... But I may carry all of the above and over a dozen others throughout a year.
Guys from either side can pick their cliche' to argue over the other - having an extra round means you have more chances to save your own life when the stress of the situation causes misses... having more power per shot means you don't NEED as many shots to end the situation... having more power means you'll be more prone to miss... having less power means you'll need more shots to stop the bad guy... Both are right, both are wrong...
The 32's really leave the 380acp behind when you start giving them more barrel length in which to work, but that's not so relevant when you're comparing a 327FM or 32 H&R in an SP101 or J-Frame to an LCP/Bodyguard 380acp. I do wish Ruger would make a 5.5" SP101 in 327FM. I don't really enjoy the Single Seven, although I had both barrel lengths, but it does beg for a little more barrel than the 4.2 SP101.
I love the 32's, but admittedly, I do a heck of a lot more hunting with them than I do carrying them for defense. I'd take a 32 H&R coyote hunting over a 38spcl, but a 357mag over the 327fm.