On another Note... Your Clausing Mill looks very well cared for, That is one nice looking machine....
The prior owner is meticulous with everything he does, and had completely gone through the mill, it was basically like new when I received it. Another factor that jump started my decision.
If I was in your shoes and had the space for either, 728 vs 932 it would not an easy decision. The 728 is significantly better than the PM25 I was considering so closer to the 932 than I would expect.
Hopefully this is helpful rather than adding to your misery.
Weight, so probably rigidity goes to the 932 at double the weight.
The 728 being a Taiwan machine probably has better fit and finish.
Table 932 9x31" vs 728 7x28". The table size might allow a 6" vise on the 932, the 728 will probably want to stick with a 4". 6" vices are far more common so more options and about the same price as 4".
The 728 actually has slightly larger Y travel ( in and out) 8.5" vs 8".
The 728 only 1" less X (vertical) travel 16" vs 17", and 2" spindle to table 16" vs 18".
932 has 3" more X (side to side) 22" vs 19".
Both use an R8 spindle. The 932 has 5" of quill travel vs 3" on the 728. This would not be a big thing for me, but if you plan of using it as a drill press this could be a plus.
728 is 1hp and 115v, 932 is 2hp and 230v.
Price is the same. Both have DRO and powerfeed available.
I don't think you will go wrong either way.