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Actually, .38, .357, and 9mm Luger/Parabellum all have projectiles of roughly equal (.35x") diameter. The loose tolerance on revolvers like the S&W .357 Magnum allows it to fit a .38 round in there.
Edit: Aside from unoptimized rifling, which isn't likely to make a difference in a revolver which has a 4" barrel, there shouldn't be a noticeable problem.
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