Actually, the small case "S" stunt engine is a .33 rather than a .32. The bore and stroke of the Johnson small case engine were:
29 .718 bore and .718 stroke
32 .750 bore and .718 stroke
35 .770 bore and .750 stroke
S .770 bore and .718 stroke
The S was in fact a 35 piston and cylinder in a 29 case. A by product of this combination was that the compression ratio was dropped from 11.2-1 on the 35 to 6.5-1.
The .32 compression ratio was 8.1-1, so it did have a better stunt run than the .35 but not as good as the S.
I have a .32 in an old Ringmaster, and it makes a lot of power but doesn't like running in a 4 cycle. The S will run a 4 cycle.
Steve