Your BWL's would be at 35' apart...offsetting 4' further beyond this line would only be 39', not 42'
However, the exception to the rule of offset BWL's defined in table R602.10.1.3 states that this 35' rule only applies to an area not exceeding 900sf (assuming we're not talking about a 1-room, single-story Townhouse here)
39x39=1,521sf
So...no. You cannot design a building in the manner you're describing. As I understand it, the 35' exception is to allow flexibility in designing prescriptively...not to provide an 'allowable max building footprint' definition.
That said, the largest footprint you can design (square) prescriptively is 30x30=900sf...placing BWL's at 26' apart and offsetting 4' further to 30'...or simply locating bwl's at 30' apart. Arguably, placing BWL's at 26' would require less BWP than locating BWL's at 30'...the APA Wall Bracing Calculator another poster linked to is a great tool for working out these scenarios.