Elerius said:
Th[e] most interesting carry piece would be a 632 in .327 Federal but identical in looks to the 642.
The .327 Federal Magnum cartridge operates at even higher pressure than .357 Magnum, and although I don't have hard data to back this up, I suspect that it would lose even more velocity and create more muzzle flash than .357 out of a barrel shorter than 2-1/2".
The "Airweight" aluminum alloy frame has never been offered in a .327 or .357 Magnum, likely because the material can't withstand the punishment. S&W has offered the "Air
Lite" scandium frame / titanium cylinder and "M&P" scandium frame / SS cylinder combinations in .357 Magnum, and I suspect they could do so with the .327 cartridge as well, but I presume that the .327 M632 wasn't popular enough to interest S&W management in this idea.
FWIW if you can live with the step down in power, the .32 H&R Magnum cartridge was offered in three 6-shot concealed hammer configurations: two Airweights (M432, black frame, and original M632, silver frame) and an AirLite (M332). Other than the diminished power vs. .327, the other issue with these models is that their prices are rising due to collector interest.