An outstanding gun and an example of what Smith & Wesson was capable of. The K-38 combines all the desirable traits of a target gun.
Excellent sights, good sight radius due to that 6” barrel, nice balance, typically very good DA and SA actions, well fitted parts. It has just enough muzzle forward weight that it “hangs” well when holding on target but no more overall weight than needed.
The K-38 is perhaps one of the best mass-produced 38 Special target guns to have been made.
I would need a Tyler T-grip adaptor or some S&W Target grips to take full advantage of that gun but other than that slight modification – the K-38 needs nothing.
Yours appears to be lacking the trigger stop, an unnecessary part that was often removed to prevent failure. However, if the slot is cut in the frame, that part can be easily re-fitted if desired. (the trigger stop was often intentionally removed to prevent it from trying up the action if it worked loose). It is not needed for good shooting, but some folks like to have it.
An excellent acquisition ! Enjoy
A K-38 and a Combat Masterpeice