The only issue is with first gen TC. You are supposed to get 72mbps (150Mbps) max with iPad. The 39mbps is probably the TC dropping down from N to G, if you were to switch TC to G only network, the iPad should connect at that "rate".
Um no. The iPad connects at 54mbit over G mode on either the first-gen or second-gen dual-band TC. And how is the iPad "supposed" to get 72mbps max? Did you read that somewhere?