If you can find a Cherokee in .32 at a reasonable price, I would get it. If you are in the market for a new gun, the Traditions Crockett has had some good reviews. Dixie gun works also carries some Pedersoli models like the Pennsylvania with 41" barrel, or the Cub with 28" barrel and there is the Frontier (Full size 39" barrel or Scout 25" barrel). I think the Alamo model is also available in .32.
There are a few other choices too, but these are just a few that I remember. As for twist rate, I have a CVA Squirrel rifle with a 1:56 twist. This gun likes 10-15 Grains of 3F with a 310 ball for near one hole groups at 25 yds from the bench. My pedersoli Pennsylvania likes 25 grains with the same ball for about 1800 FPS with the 1:48 twist. Very accurate out to 40 yards with 1-1.5 groups. I also have a .32 Green Mountain drop in barrel for my Renegade. The barrel alone weighs over 6#. I have this gun set up for target work only for range shooting. It has a 1:48 twist and is 28" long. It likes a .320 ball with a .10 patch over 25 grains of 3f. I have this set up with a vernier tang peep sight, and I have won several off hand 25 yard matches with it as it will shoot into 1 hole from the bench, and I have been able to get less than 3/4" groups off hand if I am having a good day.
The small caliber guns are fun to shoot as they are very economical and accurate, but it seems that new guns in the smaller calibers are getting harder to find.