Well..... I did it. I wrote down or screen shot every setting for 380.65 I had running. From the update page on the UI, I selected the 384.12 file and uploaded it from a wired connection. After three minutes or so, the router rebooted and the log-in screen was a little jumbled so I refreshed the browser window and was able to log in perfectly. Every setting was saved. I'm not going to do a factory reset unless the wife-unit complains about the speed. So far, so good. Cheers y'all!
While various parameters will be automatically migrated, some might not be. Things that require particular attention are the VPN settings, as well as SSH configuration (which changed a long time ago).
There's also the risk of wifi-related issues if the old "default" parameters are no longer optimal with the newer firmware. There was for a long time a bug for instance where a wifi-related parameter was incorrectly set, but it wasn't actively used so it went unnoticed for a long time. When part of the code started using it, that very old bug showed up. It's been too long now, so I don't remember what was the exact parameter or the symptoms. So, if you experience any weird wifi-related issues, a factory default reset will be required.