Well guys, I have a possibility of getting a Ballard #2 in 32 with reversible firing pin.  It has blue turning brown and solid wood without any significant marring and o cracks.  In other words, just average 125 year old gun condition. 

My question is would I be committing a crime against nature if I rechamber it to 32 S&W Long, or perhaps even H&R?  I just hate the prospect of forming and loading those outside lubed rounds it’s chambered for.  The more I think about it the more I’m talking myself out of it. But if I DO go through with the acquisition, how bad would I hurt its value with a rechamber job?
TIA ~ Froggie

Personally,  I look at these old rifles as tools, so whatever you need to do to keep it shooting consistently is worth it (unless it has serious historical value). As long as its not bubba'd,  no issue

I have a Ballard #2 in 32 rimfire and was thinking along the same lines as you.  But I have enough rifles to shoot and decided to keep it original!

I'll not personally maintain a blanket credo concerning originality versus usability. I tend to make personal pronouncements of same on a case-by-case basis. 

In this instance I would be sorely tempted to move heaven and earth to make it shootable, unless of course it was Cactus Jack's personal stagecoach hold up gun (no relation to bpjack, I think) then of course it would get a spit shine and hung on a wall for all the lotus-eaters to genuflect in front of.

If this was a pristine #2 Ballard I'd advise leaving it alone. But it really sounds like it's not and I wouldn't hesitate to chamber it in .32 S&W Long and enjoy it. 
There's really no shortage of well used Ballard #2's, so you're not going to affect the value negatively, and might even make it more desirable to some who wont or don't want the hassle of reloading for the original .32 Long.

I've only got one Ballard left and it's similar to yours. A JM Marlin #2 in 32 but, it is SN 498 with a Brown hammer and lever. 

What I did was take the barrel off, with it's original sights and installed a new 25/20SS barrel on it so, it can go back to original if the next care taker so chooses.

A word of warning on the firing pin...... mine CF pin was so wide that it would sometimes stick in the SR pocket and not fire so, I had to narrow it.