I have part number 6272224 as the 70 LT1 balancer. It could be that the 3942538 was the original number for that balancer. My GM parts book is from Oct 1977.
Team Camaro Gold Member #14
1967 Camaro RS/z28 - one of 602 made - SOLD
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1969 Camaro RS/SS L48 4 speed
1974 Camaro LT-Z/28 4 speed 33K orig miles
1979 Camaro Z/28 36K orig miles
1987 Monte Carlo SS 25K orig mi bought new by me.