The ISP guns were heavy barrel, wide-rib guns so are usually called 5" K-38 Masterpieces, as opposed to the tapered barrel MSHP guns (like the OP's) that are .38 Combat Masterpieces. But good on you for owning one of either! :)
The models 15-5 through -7 were essentially model 14s made after the latter was discontinued. These have the heavy, wide rib model 14 style barrel that the earlier model 15s did not.
The 6” and 4” are much more common than the 8 3/8”.
Does this one have matching barrel and cylinder numbers? As I recall, all of the South African contract revolvers were in .38 S & W and the majority had 4" barrels.
Nearly 15 year old thread, :)
Any fixed sight K frame (square butt models 10 and 12) and (generally) 2” model 15s, and model 58 N frames during the “diamond” stock era.
It's a chronic dilemma - stocks that cover the backstrap can be more comfortable but make the trigger reach too long for some.
Wood stocks may not make a lot of difference with this, the web of your thumb will still get hit by solid material. Perhaps trying stocks that allow a very secure hold...
An image of the barrel would help here. But if you are the original owner, never put nuclear-level loads or had a bore obstruction followed by a round, likely this is how it came from the factory.
I would put the stress of using a 125 gr .38 Special at about 900 fps as probably less stress than the standard service load of 158 gr at 850 fps. I’ve used the former load even in alloy J frames and it seemed pretty tame.
If there is a (very) slight bulge in the barrel just forward of where it threads into the frame, this might have occurred during assembly.
Does it still shoot well? If not, a new barrel can be found relatively easily and installed.