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I have a 3.21 gear in my 1985 with a 454 4 speed and love it. Never a problem, even getting 8K lbs. moving. L is a usable gear. Keeping it under 60 14-15 mpg, just under 16 on time. I would love to find a 3.21 gear set for my extended cab.
With a 454, SM465 and 4.56's, have you considered getting into the house moving business?The 4.10:1 ratio would be better. But with no overdrive, the engine would still be wrapped up pretty high at 70 mph. I'd lean toward 3.73's to keep rpm's down at highway speeds and still be able to tow. Have you pulled the cover on the spare 14-bolt to verify the ratio?