What about the bolt? It’s my understanding that the .32 ACP is a straight case. So the base of the .32 shell won’t be held by the .380 extractor. The bolt would need some kind of sleeve to hold the base of the shell and a modified extractor. The .32 sleeve into a barrel might be able to be done with simple hand tools, a vice and a 1/2 drill. The modifications to the bolt, extractor, and building the sleeve for the bolt to hold the base of the .32 shell, would need a machinist to apply their craft. If I was going to have to get a machinist involved, I would also have them do the barrel work. My local guy could probably do the work, but I think he is up to $125 or $150 per hour. I would think that would be at least five to eight hours of work. Sure if you have the machine and the skills, it would not be very much for materials.
Certainly, a .32 ACP conversion could be made for a M11. For at least 90+% of the members here, I would estimate a $1,200 to $1,500 investment, at a minimum. With the lower power of the round, I would think that the bolt could be shortened, for more stroke with a softer spring, which would bring down the cyclic rate.
It would be fun to shoot, but very anemic. I would think it would be good for paper targets, but would not knock down steel poppers very well. Please post pics when you get it running.
Scott