To the OP....I used a bunch of different bullets and loads from my .22-250's with similar results--large exits. I switched to the .204 with 35 grain Bergers and had great results on a few dozen coyotes and a couple of bobcats. After I switched to the .204, my hunting partner tried some 60 grain v-maxes in his .22-250 with excellent results. (We've only killed a handfull of coyotes with it but it's the ONLY bullet we had any good fur results with.) The 60 gr V-max seems to be heavy enough to not "splash" on the surface like the lighter v-maxes but still disintegrates inside. I'm afraid you will have splahes with the 32 gr .204 bullet too if you call enough coyotes. (Same for the 39 gr Sierra BlitzKing.) Like the .224 50 and 55 gr V-maxes, they will kill like the Hammer of Thor on most shots then splash on a quartering-on shoulder shot. JMHO. YMMV.
Oh, and although the 40 grain .204 V-max will be a better choice than the 32, the 40 will not stabilize in all 12 twist .204 barrels. It depends on the gun.
