I see very little reference in what I read and see to 1:32 and S scale but I suppose I might find more searching the web. But, dimensions are rarely given - usually only length - so it is not so easy to build stock from web sites.
But as most of my stock is 1:29 and there is an overwhelming amount of 1:76 (HO) models around, it makes it much more easy to consider building new models or kitbashing existing ones. As has been said many times 1:29 is three times 1:76.
Within a reasonable budget the choice of American prototype models in the UK are primarily 1:29 or 1:20.3 with a small choice in 1:22.5. I know PIKO have introduced a few lower priced items but it seems they are 1:32 for freight stock and the locos apparently like LGB (not reasonable priced in my opinion) ‘gummi’ scale as it is often called.
With the escalation of prices in recent times I am sure more and more folks will consider building some of their stock - especially the more unusual not made by the manufacturers. A project being considered here are a couple of coil cars . It will depend on how easily I can straighten curved plastic tank shells - if at all.