To simplify the given expression, we can follow the order of operations (PEMDAS):

Step 1: Simplify (1/4 + 1/8 - 1/5)
1/4 + 1/8 - 1/5
= 2/8 + 1/8 - 1/5
= 3/8 - 1/5
= (15/40) - (8/40)
= 7/40

The expression becomes 7/40.

Step 2: Simplify 4 2/5 as an improper fraction.
4 2/5 = 4 + 2/5 = 20/5 + 2/5 = 22/5

Step 3: Simplify the expression 4 2/5 - (3 - 3/10) 3 1/81
= 22/5 - (3 - 3/10) 3 1/81
= 22/5 - (30/10 - 3/10) 3 1/81
= 22/5 - (27/10) (3/81)
= 22/5 - (27/10) (1/27)
= 22/5 - 1/10
= (44/10) - (1/10)
= 43/10

Therefore, the final simplified expression is 43/10.