Yes, that's a '32 engine number, but given how early the frame it came out of is, the number seems a bit on the high side hence my curiousity about it being the same as that originally stamped on the frame.
Ford produced over 35,000 four-cylinder engines before any were installed in chassis because of its decision to wait for the availability of its new V-8 engine and there's no solid evidence that when the fours were eventually used that they came out of inventory on a first-in, first-out basis. This particular engine number, however, is well above those of that first group of engines.