JimP:
I'm guessin' you're talking about the .327 Federal Magnum.
Great cartridge. I've switched my EDC to a Ruger LCR in that caliber. The Perfect EDC Carry Gun.
And I'm sure by now you are well aware that these calibers:
.327 Federal Magnum
.32 H&R Magnum
.32 S&W Long
all can be used in the same handgun.
Lot to talk about here; can't put it all in one post. But let's start.
Self-Defense:
First, my recommendation would be to simply use off-the-shelf SD-HP factory ammo in .327 Federal Magnum for self-defense. There are several excellent factory loads. We could get into it deeper later, but right now I'd suggest simply buying standard SD ammo from the LGS and use it for EDC. Biggest problem is finding a store that has it in stock.
Range Practice:
Now, for practice shooting, my recommendation would be to simply buy a box of .32 S&W Long range ammo, shoot that up, and then reload it as .32 S&W Long. Won't break your shooting hand off at the wrist; has very light recoil. Excellent practice ammo. And there's plenty of reloading data around for the .32 S&W Long. If you want, come back here on the Forum and we can talk about it some more.
So that's MyThink in a nutshell on the Marvelous .327 FM for right now.