The short answer is yes, as most revolvers are very reliable. A competent gunsmith should check out this and any firearm from this era, and if found to be safe, it should give good service. The 32 caliber is probably either S&W 32 long, not a very powerful catridge, but still available in most places ammunition is sold.
If you are reffering to a handgun that firs a .32cal then the difference is huge. The .40 cal revolver (wether it be a python or an m500) is a very reliable make. Any revolver is more reliable than a compact pistol that is.
It was made by Iver Johnson - search "Bill Goforth" for more thorough information
The US revolver Company 32cal was made from 1911-1935.these were made by Iver Johnson but were never listed in their catalog.These were available thru mail order catalogs.
100-300 USD
check out: http://stevespages.com/pages7b.htm
Standard Catalog of Smith and Wesson, 3rd edition.
100-400 USD or so
The maker of your revolver was Iver Johnson Arms and Cycle Works.This 5 or 7 shot revolver was called the Birds Head grip model,and was made from 1873-1888.IT was chambered in .22cal(small frame)32cal(medium frame)and 38,or 41cal(large frame).Yours will have either a 2 1/2in barrel(small frame) or 2 7/16in barrel(large frame).I must include that barrel length,s of 10in.have been encountered with this model.
BLue Book of Gun Values
10-100 USD or so
Have H&A 32cal with serial number z249 .How old and whats it worth.
475540this serial number falls into either the .32cal hand ejector series,or model 30,31.The serial number also indicates that your Smith and Wesson revolver was made between 1911-1942 which encompasses serial numbers 263,001-536,684.