possible
There are a number of folks on this forum who would be happy to help steer you in the right direction for bullets, powders and loads. To be of any real assistance though, some basic info is needed, such as:
-type of rifle
-which cartridge cases will be used
-distance(s) you intend to shoot, i.e., 100 yards, 200 yards, etc.
-are you going to shoot fixed ammo or breech seat
-groove diameter of your barrel
-rifling twist
With that info, we should be able to successfully get you started shooting.

Montana Bullet Works at:
(You need to Login or Register to view media files and links)
offers a nice variety of cast and lubricated 32 caliber bullets. As to loads, a good starting place is the Reloading the Single Shot Rifle page of this forum. At the top of the page is the Schuetzen Loads thread. You should be able to find sufficient information there to get you started.
As to the choice of plain base or gas check depends on how fast you want to push them. Up to about 1400-1500 feet per second, plain base will suffice.
I don't shoot 32-40 fixed ammo so I don't have any personal favorite loads. Perhaps another shooter will jump in here and share their fixed ammo loads.
I hope this helps get you started with your 32-40.

All above is worthy advice, and from men of experience. I think that, for starters, you might do well to try the Saeco 632 in the softer alloy that they offer. Bell the mouth of the case to prevent lead shaving and seat them as far out as you can. Just a snug bump up to the rifling when you shove it into the chamber. As for powder, you can usually get very decent results using IMR 4227 in charge from about 13 to 14.5 grs. 
This bullet will shoot in any twist. (I sense that yours is an original gun?) If this stuff works fairly well after dinking with length and powder charge- you might try the heavier Saeco bullet they also offer- my original rifle likes that one breech seated. Good luck, and let us hear how things go. It's a process that's frustrating and fun at the same time.

I use (You need to Login or Register to view media files and links) for practice and 200m ram bash here in Va..  offhand iron sights..   they preform better than I can hold..  mostly 1 minute at 100 off Bench...
1000 lots at below 90usd,,,  tryed several loads but have used Uniq for some time..bout 8 Gr outa do it,   from an old Lyman book either #44 or #45, cant remember..,   just be carefull  not to double...  no filler, and definitely NO wad...    ..  no leading,  just wipe with Balastol...