Ok I just did the TM38-85 swap on my 92 small Reed motor lt. My motor has been built by lrd some years back and was a backup ice race motor for my friend. It is fresh and I now have it in my bike. I have an 89 zilla needle middle clip, Q2 needle jet (I think the only numbers were Q2, could be missing some but whatever), air screw out 1 1/8 turn, slide at just under 3mm, 30 pilot and was told by Carl to start out at a 460 main and work down from there.
I started out with a 35 pilot, to rich the 30 is perfect (for my bike) and my 460 main is too lean, I am now at a 480-490 that's at 80 degrees temp outside and mild humidity. So maybe 65 I'm running the 490 and 75-80 I'm at the 480. (For my bike)
I am not going to throw out "tuning advice" I got my baseline starting points from Gilles and Carl, and I just got MY bike set to where it needs to be. It was a lot of trial and error but I am happy with it as of now. Runs very well.