Thanks, all. I couldn't find a SCSW comment on the lanyard feature for 386. However, in the SCSW's discussion of the 396, it states "A lanyard pin is fitted at the base of the frame." The 386 grips look the same, so I'm guessing that S&W's used the same recess to install a similar pin on both models.
Regardless of its name or intended purpose, a length of parachute cord or old athletic shoe string tied to the pin, looped around my neck, and stretched tightly when my hands are extended, definitely improves my steadiness in holding the 3 1/8" Mountain Lite on target at extended ranges. Haven't tried it on the litte 2 1/2" PD but I'm sure it would work as well.
This little gun is easily carried and I believe this lanyard feature will extend its usable accuracy potential by several yards. For woods carry, I can foresee this 357 causing some heavier guns to get left behind.