Mule Deer: From Hornady's own website I garnered the following trajectory and wind drift information on the 32 grain Hornady factory ammo versus the 40 grain Hornady factory ammo.

The drop and wind drift are measured at my elevation in a 10 m.ph. cross wind at 400 yards (a distance within which 98% of all shots at Varmints are taken IME and observations of others).

32 grain Hornady 4,225 F.P.S. .210 B.C. Drop -13.2" Drift 14.1"
40 grain Hornady 3,900 F.P.S. .275 B.C. Drop -14.3" Drift 11.3"

Remember these measurements are at 400 yards (1,200') distance.
So the 32 grain shooter has 1.1" less trajectory to adjust for and 2.8" more wind drift to adjust for.
In other words at 400 yards there is not a lot of difference in the two in total compensation (less than 1.7" total compensation) the 204 shooter needs to adjust for.
If one knows to adjust for a particular drift at a particular distance then all they have to do is adjust - whether is 1.1" less drop with the 32 grainers or for 2.8" more wind drift.
I prefer the 32 grainers these days (Sierras by the way) but again I am not just impressed but amazed at the accuracy of the Hornady 32 grain factory ammunition in all of my 204's.
Long live the 204 Ruger!
Hold into the wind
VarmintGuy