FTR\MA54 translates into: Factory Thorough Repair (FTR) and Munitions Australia (MA). "54" is 1954 - the date that the revolver went through a complete referbishing and refinishing. This accounts for it's exceptionally good shape.
D^D are government property marks. The first "D" is thought to mean "Defense" as in "Defense Department." I'm not sure about the 2nd. "D."
I suspect you are right about the "V" in the serial number. However check on the other side of the lanyard ring and see if anything is there.
With the additional information you've provided I now think that it may be a commercial pre-World War Two number, and probably one of the last ones at that. Many of these revolvers were issued to Australian forces fighting in North Africa and later, Italy.
"W.B." is Col. Waldemar Bomberg, who was one of the U.S. Army Inspectors assigned to Smith & Wesson. He inspected .38 revolvers between serial numbers 800000 to V 142000 between July 1941 through June, 1942 - although someone continued to use his stamp into November, 1942.
There shouldn't be a letter "C" in the "WBC." I think that's what's left of an ordnance bomb stamp. I would thus date your gun around July-August, 1941.