Depends on how much you want to shoot it. Just for fun occasionally or a match or two a month.

A couple things to look at. 
What is the actual serial number and does it match the barrel? 

If they match the next thing to look at is the cut of the action where the breech block meets the barrel. Is it aware or rounded?

Then check under the forearm. There may be a caliber stamp there.

There were three Ideal rifles before the 44 1/2. The first was a model with a removable sideplate. Then the 100 series. These had the square cut in the action at the barrel to breech block area. All three of these used the 7 o’clock extractor.

The 100 series, 107, 109, were not stamped like an 44. The barrels were stamped, and no cartridge designation on the flats. Again other than the serial number all the markings are under the forearm.

If it’s a 100 series, it’s even weaker than a 44, but fairly collectable. Only a couple thousand made. That’s why occasional shooting with reasonable loads is suggested.

Photos and or serial number would be helpful.

Any factory 44 in .32-40 should be a low number as they dropped the .32-40 chambering later. So I'd be concerned if it wasn't a low serial number as that would indicate a barrel swap.
They scare people, but I've had a couple friends who own and shoot them with low pressure loads and have done so for decades. Just use discretion about keeping loads down for it.

The barrel and lower tang serial numbers match 8308 if l remember right but there's no model number on the lower tang and I couldn't get the barrel to unscrew to check for a number on the receiver face. It's not a sideplate model. I  don't plan to hotrod it l just use smokeless loads that are equivalent to black powder pressures  say a cast 170 or 200 grain. I will probably shoot it a good bit and may use it in matches.