Like other rounds from that era, there are two levels of .32/20 loads, 1873/revolver and 1892 Winchester family. I'd steer clear of using the first type, and use the other up to maybe 100 yards. Back in the day, lots of deer were taken with the high-speed loads, but serious hunters will use something with more power and range under most conditions now. For shooting does, say over a food plot, sure, but not with the anemic factory loads out there now, which are small-game or turkey loads.
Do some research, load up some hot ones, and go for it. Paco Kelly has some good stuff on his site, IIRC.
http://www.leverguns.com/articles/paco/3220wcf.htm
