Tom, your 1894 was made in 1902, the '86 receiver is an 1896 product. The steel in the earlier '86s is too mild to take a pounding from 348s. I would steer clear of that one. The 32-40 is OK as long as the magazine has not been shortened. Half mags are scarcer in SRCs. Hope this helps.
Regerds,mike
Regerds,mike