In my often repeated opinion, (IOW, I can't shut up about it). the 311316 is THE bullet for the 32-20 in pistol or rifle. Load it low and slow and grey squirrels and the like drop like stones. I would strongly avoid upping the speed for edible small game above 1350-1400fps. I've pretty much cut a good sized grey in half with a heart shot with warmer loads. Even at 1400 they will mangle the head impressively, so if you like brains, don't do it. At 11-1200 they are quite a bit tamer and honestly, even down in the 900 to 1K range they kill very well given a decent hit. I've never recovered a 311316 from anything smaller than a coyote, although I haven't gone poking around on porkies much. I have recovered a few from a horse carcass some 20 years back. IIRC they deformed and held together about as you'd expect, nothing "Core-Lokt" looking, and that was in the 1400 fps area from 50 yards. They will completely destroy a vertabrae, thats for sure. The 32 S+W Long does the same thing with the 311316 at 1K range, although it's capable of popping them out considerably faster in a strong actioned rifle. I bought a 311359 specifically to use for squirrel in the 32-20 but I just haven't had time to play with it.
I've taken the 32-20/311316 up in the 1800+fps area. It's very destructive on flesh and brass when you push it. Out of a 30-30 or 308 at 2K plus it's a varmint bullet in my alloys ( fairly soft). I've never had the chance to try HP's at those speeds but I imagine they'd be more of the same. That FN simply works. Of course that true on up the line in weight and caliber. The 311316 is sort of a mini RCBS 30-180FN in my mind and that's hard to improve on for me in a 30 cal. The Lee Soup Can probably works about the same if you have a tight barrel. Happily, my K-32 is such a critter and dotes on the Soup Can from one of my 6 banger moulds.