I don't know if you could bore it out enough to make it a 357.
In case somebody doesn't know, the 327 Federal magnum has been around for a couple of years, but hasn't taken off too much until Ruger started introducing more pistols in this caliber. As of right now, Ruger, S&W, Taurus and Charter arms all make revolvers for the 327 Fed mag...I think there are others, but I'm not sure.
I really like it...it is more pleasant to shoot than a 357, and it packs more wallop than a 38Spl. The nice thing about .327 chambered revolvers is that you have the choice of 4 rounds you can shoot in it: 32 S&W, 32 S&W Long, 32 H&R Mag, and 327 Federal Mag.