Digital meters often give funny readings when dealing with low resistance... that said the 3.2 ohm (R) reading is about right on for the average 4 ohm speaker. 4 Ohms (Z) is about as low as any speaker coil will be wound to. I can't imagine any available 2 Ohm (Z) (1 Ohm R) coil that would end up in there by accident.
As far as coils reading differently between ALNICO and Ceramic.... a coil is a coil, they are constructed to fit in different designs of motor structure, but the reading should be in the same ballpark between speaker rating. Both types need the same amount of windings...
My DMM is always fooled by these low resistance readings (to the point of worthlessness) and it's a good model of a good brand... I went out and bought an analog meter just for the purpose of testing speakers. It wouldn't hurt to get a second opinion from another meter on that speaker.....
If it's reading any resistance at all and not reading "Open"... I say go for it and try it. Impedance is measured at a nominal point. This point is not as crucial in the real world, as what is "reflected" between the speaker and Output transformer isn't constant under use. Yes some OT's are more sensitive than others if there is an "impedance mismatch" but as long as that speaker reads any resistance at all you should be in the clear for a Fendery 4 Ohm OT.
j.