I would NOT create .32 Winchester Special ammo from .30-30 brass. No need to, and it's something of a dangerous practice.
Oh, the brass is fine. And properly crafted cartridges will shoot fine in the .32 WS, but it's that darned .30-30 headstamp on the case.
Well-worn or sloppily chambered .30-30s may accept a .32 WS cartridge bearing a .30-30 headstamp, if the shooter doesn't care or notice the extra effort required to close the lever.
Firing a .32-caliber bullet down a .30-caliber is not conducive to the longevity of the shooter or rifle. It doesn't even have to be fired to cause problems.
Witness the August 1942 (p. 24) issue of the American Rifleman, in an article by C. H. Bronson:
A bandito was firing at a Border Patrol agent, who was returning fire. The bandito suddenly struggled with his Winchester, and the Border Patrolman dropped him with a well-placed shot.
It was later determined that the bandito had loaded a .32 WS cartridge in his .30-30 rifle, causing it to jam when the cartridge was shoved in the chamber.
Death loves little details.
For many years, various reloading manuals and articles have warned against using .30-30 brass to make .32 WS ammo because of misidentification.
Winchester still makes .32 WS brass. If you can't find it at your local gun store, it's easily ordered online.
I've reloaded the .32 WS since 1971, for an early 1940s Winchester carbine. It's a very good cartridge, certainliy not worthy of all the myths it generates about inaccuracy.
One thing I've learned, and some reloading manuals back me up on this: new, factory cases are often found that are longer than the specified case length of 2.030 inch. It is best to full-length resize all new brass, then trim to this length if needed. Failure to do this may result in cases that are too long, get their brass crimped into the bullet when seated in the shorter chamber, and a healthy rise in pressure.
The Speer or Hornady 170 gr. jacketed softpoint bullet of .321 inch is made for the .32 WS. A can of IMR3031 powder is almost traditional with the .32, though some newer powders nip at its heels. Still, hard to go wrong with a sane dose of IMR3031.
Use the same shellholder as the .30-30.
Interestingly, the 8mm Nambu cartridge for the Japanese pistol uses 85 gr. bullets of .320 to .321 diameter (sources vary). You can find full metal jacket or lead cast bullets for this cartridge online. I've long toyed with the idea of creating a light, plinking or small game load with such bullets in my .32 WS, but never seem to get to it.
Might be something you could explore with a little judicious reloading. I should think that a light charge of Unique powder would work okay. I don't believe I'd use any powder as fast as Bullseye or W231 in such a comparatively large case.
You'll have to figure that out for yourself.
An 85-grain lead or jacketed bullet at an estimated 1,200 fps would make a dandy rabbit or grouse load. I wouldn't go any slower than that with a jacketed bullet, for fear of getting a bullet stuck in the bore.
However, you could get slower velocities, if you wished, with a cast lead bullet. The lead has much less friction than the copper jacket.
I don't believe such light loads would generate enough recoil to ignite the primer of the cartridge ahead of it, while in the tubular magazine, but why take a chance? When hunting small game, put one cartridge in the magazine and one in the chamber. Knowing you have only two shots will also force you to take more careful aim.
Enjoy that .32 Winchester Special. It's a fine, old cartridge with a long history.
It will set you apart from the others who absolutely MUST have the latest .349 Super Ultra Ridiculously Short Magnum ZX Turbo 9000 cartridge to take a 150-pound deer at 75 yards.