Mine's a target model. I've never seen a 4" K-32 Combat Masterpiece -- they are rare as rocking horse poop -- but if my 6" is anything to go by, it would probably be one sweet shooting gun. If you look around you should be able to pick up a good shooter grade Model 16 for $1200-$1500, maybe a bit less if matching stocks, finish, and the all important factory box really don't matter that much to you.
I've had the privilege of shooting a 15,16, & 18 side by side once. All 3 revolvers are within 1 ounce of each other, and just plain feel the same in your hand; magnificent.
The .32 model 16 was just a straight up shooting machine, I mean that revolver just shot like nobody's business. After that experience shooting all 3, the 3 gun Combat Masterpiece became a bucket list dream for me.
$1,500 for a target model 16 just isn't worth the expense to me. Don't get me wrong, it's a fantastic gun, and the cartridge is just a joy to shoot & reload; just lights out accurage. But for significantly less cost I can get a truely first rate .38 Special or .357 and a case or two of ammo.
But bully to those like you who have one. I've always said for just pure target shooting pleasure the .32's in a K frame are just pure pleasure.