Unfortunately, once the .38 Special became available in J-frames, the .32 S&W Long entered its death spiral. Fewer guns were sold, which meant fewer rounds were loaded, which meant higher ammunition prices, as the production costs had to be amortized over fewer case lots. With the ammunition being more expensive, it didn't make sense as a centerfire plinker, and the now-cheaper-to-shoot .38 Spl took the job by default. By the early '80s, .32 S&W Long was largely relegated to cheaper revolvers from H&R or outright junk guns like the Clerke, and S&W finally dropped all its offerings in the caliber in the early '90s.
My .32 J-frame has served as an introductory centerfire revolver for more than one new shooter, and its small size combined with its four inch barrel make it easy for a novice to get comfortable and make good shots. I've never fired a .32 S&W Long K-frame, but I'll own one someday, I'm sure. It'll have to be an older one, though, and not just because I like older Smiths. In this case, they really don't make 'em like that anymore.
(Incidentally, shooting the .32ACP Colts, I've discovered I miss a whole different kind of .32, as well, but that's for a different post...)