Hi Suds,
38% water as percent of oil weight is "full water" giving you a lye concentration of about 26%. You can reduce the water % which increases the lye concentration, causing the soap to trace more quickly.
I use full water on everything except for recipes with very high % of soft oils (e.g., castille, bastille). For those, I target a lye concentration of about 35%, so my water as a percent of oil weight is reduced to something like 25%.
Remember that the biggest thing that affects speed of trace is mechanical mixing (stick blender), so if you're trying to slow trace, that's the first place to focus. If you think something is going to move fast, try using a whisk instead of a stick blender. Or if you're using a SB, only use it for a few seconds then stir manually for a while so you don't overdo it.
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