It depends on what you're trying to do.  If you want to turn a 32 RF into something you can actually use by making it CF, that would be a "mild restomod."  Up until the 1950s it was popular to take just about any available "obsolete" Ballard and build Position Rifles for 22 LR.  These were sort of ultimate versions of restomod.   

I think I one of the first to use the term "Franken Ballard" to describe a rifle built on an action found via auction in California, a breech block and internals from a cigar box in Charlie Dell's basement, and a '40s(?) vintage 22 barrel from Jim Borton at Etna Green.  It was assembled for me by Joe "tree blood" Harz in Mississippi and is wearing an unfinished stock cut by Dave Crosno.  Now that is a fully modified Ballard, but note that no complete rifle was harmed in the process, so purists shouldn't blanche or succumb to the vapors! 

Froggie