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I put 3:73 front an rear on my 86 K10. Major difference. Completely different truck for the better and I still cruise at 75 ish on the highway and can easily pull one of my 2600lb trailers.
I have 4:11 front and rear with 31 inch tires but I have an O/D 4th gear on my manual transmission.
It was changed from 3:08 when the speed limit was 55 MPH.
Its the perfect setup for hauling wood and plowing but not for long distance highway travel.
I KNOW you must add a large, external, transmission cooler to that 700R4. I would also add the bigger bottle of Lucas Transmission Conditioner at that time too.
Finally, you will be better equipped to tow with a 3.42 rear axle ratio IMHO.