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There was actually no 1838 lottery. The last lotteries were the 1832 Cherokee Land Lottery and the 1832 Gold Lottery. Both involved former Cherokee Nation land in the same area of the state. In addition to Pete's URLs see these Georgia Archives web pages: http://www.sos.state.ga.us/archives/rs/1832.htm
http://www.sos.state.ga.us/archives/rs/lotteries.htm
Thses two pages have links to additional information on the Georgia Land Lotteries.
The way the first part of your query is written it does not appear that it is possible because Milton County was not formed until 1857. It was formed mainly from portions of Cherokee, Cobb, and Forsyth counties and smaller parcels were annexed in 1859 from DeKalb and Gwinnett counties. Certainly, the names of those with fortunate draws in the 1832 Cherokee Land Lottery and the 1832 Gold Lotttery are available and have been published. You might find the books online as a subscription based service. The easy way is to ask for a lookup on GenForum.
Cherokee, Cobb, and Forsyth county lands were part of these two lotteries. Any title search on land transactions before 1857 involving lands transferred to Milton County from Cherokee and Forsyth counties would require a search of deeds books in those two counties. Cobb County had a record loss in 1865 so nothing prior to that time would be available, however the lottery records are extant and held by the Georgia Archives.
If your subject did not settle in the area until 1840 he most likely bought the land from a land speculator or from a lottery winner, but I'm not sure if that is the focus of your research.
Al
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