These keep coming up in other threads. Realized we don't have a thread just for them. So here it is.
I'll start with some non-enabling for myself, and then we can go on from there.
According to Iowegan over on Rugerforum.net, all the .22 caliber Single Sixes (new model at least; I'm not clear on old models) have .224 grooves, which means they are oversize for .22LR. However, they are the perfect size for .22WMR. So, if this is true, in spite of what some may say, they don't actually make slightly different barrels on "Convertible" sets that are 0.001" larger in the grooves. You can actually run a WMR cylinder in any NM .22LR Single Six and expect better accuracy than with .22LR. I read it on the internet, so...
However, .22WMR runs ~$0.20-30/rd typically or higher, which is solidly into centerfire prices. And they can be reloaded for even less. So why not just shoot those rounds in a gun made for them? And the .32s are an intermediate solution for the reloader. You can only shoot the $0.04-0.10/rd cheap stuff if you're willing to tolerate inherently reduced accuracy.
There's an article in a magazine that was on the rack at Barnes & Noble a few weeks ago where a guy had his smith rebarrel a couple single sixes from spare 10/22 barrels he had sitting around, and accuracy was excellent. If you're going to go there, you might even start with a chunk of match-grade .22LR blank. That quickly gets expensive, though.
So at this point, I seem to have talked myself out of getting that stainless Bisley. It's not the right choice for someone who will never get "warm fuzzies" knowing a mechanical thing just isn't as good as it could be. And it's not better than a Buck Mark.
But I still think they're cool and would buy one before a Wrangler. And if I stumbled across a silly deal on a particularly nice .32 Fed at a gun show, it might follow me home.