As you already know the 32-40 was a black powder round. In its factory loading, it used a 165 gr bullet loaded with 40 gr black powder. Even with todays smokeless powders, it will not get to the power of the 30-30 and any attempt would likely end in injury and destruction of a piece of history. I show the hottest loading for a 170 gr jacketed bullet is XMR-2495, 31.5 grs yields 2074'ps. This is out of the Lee manual. The 30-30 will run about 200'ps faster with the same weight bullet. And as you already know, approach any max loading with caution.
FWIW, I have a variant of the 32-40 known as the 8x48R in a Schuetzen rifle with double set triggers and a 36" full bull octagon barrel. It's a handfull to hold with the adjustable peep rear sight and globe front with level. These old shooters, including the 32-40, were noted for accuracy in years gone by. I hope yours is as much fun to shoot as mine.