Sorry for the delay.
Bro. Potter sent me a segment of 3200 barrel for tensile testing and it was an impressive 121,000 psi with a Yield strength of 113,000 psi
I did not ask for a chemical analysis and don't know (and have never found a report regarding 3200 or 32 barrel steel) as to whether it is a chrome-moly alloy or possibly 1140 Manganese Sulfide Modified Carbon Steel.
I still have the segment and will do an analysis the next time I make a run to METL

For comparison the Model 12 Winchester Nickel Steel barrel was non-standard (slightly low nickel and manganese) AISI 2340 medium carbon low alloy steel - 124,000 psi
The 1937 Model 12 Winchester Proof Steel was non-standard (low chromium and slightly high molybdenum with a low concentration of nickel) AISI 4135 medium carbon low alloy steel - 107,000 psi

Of course wall thickness matters regarding steel compatibility, and the 3200 Magnum was reported to have thicker walls than the standard 3200.