I have done it and I have a great, clear, concise answer. It depends.
Most H&R .32 revolvers, breaktops and old solid frame guns, were made of iron and chambered for the .32 S&W, an old black powder cartridge. Many of those should not be fired with anything.
More modern guns should have no problem, but the .32 ACP does generate a little more pressure than the .32 S&W. The .32 ACP is semi-rimmed and can be fired in a revolver, although the rim is a bit thin so headspace is not quite right. Another problem is that the .32 ACP rim is small, so if the revolver uses simultaneous ejection, the extractor might jump the rim. All in all, the combination should pose no problem in a reasonably good condition revolver, but I can't really recommend it for any serious purposes.
Now to your questions on point of impact and accuracy. Surely you jest!
This is a .32 popgun no matter how you slice it. I don't sneer at the .32; it is certainly dangerous and deadly, but it is not a long range proposition. The .32 ACP bullet is smaller in diameter than the .32 S&W bullet, and at that pressure, the jacketed bullet probably won't bump up enough to fill the grooves. Accuracy out of a .32 H&R revolver is likely to be so-so at best, miserable at worst, with any ammunition, and I very much doubt you will get any good accuracy with the .32 ACP.
As to POI, we are not talking long range shooting here. I guess the .32 ACP might hit a bit low since it has a higher muzzle velocity, but at six feet it might be hard to tell.
Jim