Quote:

Black Powder: 165g lead bullet - 40gr FFFg powder that will give a velocity of 1450 fps
When you take the rifle to the gunsmith, have him determine if the action is cast iron metal or forged steel.  If a cast action - stay strickly with BP reloads and you will have no issues

What is the patent date stamping on the rifle and does it say J.M. Marlin?  Is an indication whether or not the action is cast metal
Congratulations owning a fine vintage single shot Ballard!

Sounds like a forged action. Can you tell me where you got the 1880 model or date? Need a picture to determine the model, but if it's straight grip stock, and single trigger it's most likely a #4 Perfection model.

mb3240, Real nice Ballard,thanks for sharing picture with all and know it would be a family keepsake,at least in my family--Fritz

Wow! What a nice old gun, and the history of the name plate is even better! Looks like a #4 Perfection, with upgraded wood and optional checkering. 
The two line address should make it a forged action, and it should be fine with .32-40 loads, but don't use jacketed bullets. Slow burning smokeless loads wont hurt the action, but keep the loads below max loadings.
The "JM Marlin" marking changed to "Marlin Firearms Co." around 1881, so your Ballard will probably predate that era, but not sure on the year.

Nice rifle. If in fact a forged frame there is no reason that smokeless loads can't be used. 
I would suggest a 165 grain soft lead bullet 25:1 lead to tin is available. Stay away from the hard stuff that most of the gun show commercial casters push. That stuff is for pistol shooters who shoot at stuff, not rifle shooters who hit targets. 
  4227 is a good powder to learn with start with about 13.8 grains and work up slowly until your groups tighten up. Do not exceed 14.5 grains. Work carefully these are large cases and will easily hold a double charge. Be careful work work out a system to double check that you have not overcharged a case. A simple 5/16 wood dowel with a pencil mark is a simple way to check. 
As with any other rifle a double charge will not be a good thing. However every year hundreds of thousands of smokeless rounds are shot safely in Ballards. 
One more caution, be very careful with commercially loaded 32-40s some are loaded to black powder pressures, most are not the Winchester John Wayne for instance will end badly for you in a Ballard.
40 Rod

Is there a certain style of cast lead bullets that I should be looking for?   I was able to locate some new 32 40 Winchester brass and will order the Cowboy 32 40 Win. 3 die full length set from RCBS if that is appropriate.

Also does anyone know what the effective range is for this rifle?

Sorry I haven't replied back sooner but being new to this and not wanting to pester everyone with questions you may have already answered I have been looking through the various forum posting to learn about breach seating.  There seems to be lots of information on how to do it but I haven't found anything that explains why it is more accurate.  Would someone mind taking a shot at that?