An acquaintence regularly kills coyotes with a TC .32, loaded with 50 gr FFFG, and a 110 gr Maxie.
He reports that the coyotes drop in their tracks.
Another acquaintence shoots HEAVY loads in a custom, slow twist 32 RB barrel. The twist is something approaching 1:90. He reports velocity is so high that it won't register on his chronograph. I'm not sure I believe that, but that 32 shoots a long ways, and it shoots flat and accurate.
If you stop and think about it, a ML .32 shooting 50 gr. of powder behind a maxie should be in the same power range 32-40 cartridge.
I have shot my Petersoli 32 with the 50 gr load, just to see what it will do. The maxi caused a 2 liter soft drink bottle filled with water to explode with some force.
The same rifle loaded with 30 gr Swiss FFFG and a patched .315 ball will penetrate two water filled, 1 liter gatorade bottles, passing into the third, and denting the plastic on the back side of the third bottle. I might add that Gatoraid bottles are double or triple the thickness of standart 2 liter soft drink bottles.
The ball expanded to about 1/3 larger in diameter, retaining nearly all of its weight.
Hotter loads will, probably perform better on game than the 30 gr load performed on water bottles.
Now for performance on squirrels. A 32 loaded with 20 gr of FFFG will take the back of the head off of a squirrel at 30 yards. A shoulder hit will destroy its share of meat, so don't count the 32 with hot loads in the same class as a .22 longrifle.
With that in mind, the lowly .22LR has probably accounted for more deer than any other caliber.
J.D.