To solve this equation, we first simplify both sides:

Left side:
X + 1/4 - 2x
Combine like terms:

Right side:
5 - 3x/2 - (x + x - 3/8)
Simplify inside the parentheses:
5 - 3x/2 - 2x + 3/8
Combine like terms:
5 - 7x/2 + 3/8

Now the equation becomes:
-x + 1/4 = 5 - 7x/2 + 3/8

To solve for x, we begin by isolating x on one side of the equation:

Add 7x/2 to both sides:
7x/2 - x + 1/4 = 5 + 3/8

Multiply everything by 8 to get rid of the fractions:
28x - 8x + 2 = 40 + 3

Combine like terms:
20x + 2 = 43

Subtract 2 from both sides:
20x = 41

Divide by 20 to solve for x:
x = 41/20

Therefore, the solution to the equation is x = 41/20.