Yup, 38mm would probably be to small. 76-77's used a big Keihin that was 40 or 42mm.
I would leave th original unless you're racing it and the carb change is allowed in class. Even then you may not see much (if any) improvement depending on what else has been done.
If you do change it yo will also need to change the throttle block as it will not have enough pull to open the roundslide. 76-77 Exciter block will do the trick and look OEM on your 79 (there are also other options). You will also need the oil pump cable off the 76-77 if you want to keep oil injection functional.
I might have some of this stuff.
Another option is to use a bigger SRV butterfly. More of a bolt on and doesn't have the other issues.
What are you useing the sled for??
opsled