An OD transmission does so much more than just give better MPG. IMO ( other than the much better MPG ) the best thing about an OD transmission is the 'side effects' of a lower RPM when cruising; reduced noise, vibration, and wear & tear on the engine. A 2004r has 'better' gear ratios than a 350/400 transmission too. It also will allow you to put more HP to the wheels over a 350/400 transmission though I certainly don't know exactly how much.
Just do a simple test; if you have sucky stock gearing in your car right now, just drive around in 2nd gear everywhere. That's what it would be roughly equivalent to driving a car in 3rd gear with 3.73 gears. See, hear, and even feel how much crappier it is driving around like that. Just for fun, if I switch my car ( 3.73 gears ) out of OD on the highway I find it absolutly unbearable. For those who've never had the luxury of OD and are used to doing it 'old school', you might think it's perfectly fine though....until you swapped in an OD and you say 'wow, I've really been missing out!'.
Now since a big block doesn't need as much gear, you could get away with less gear and would'nt miss the OD so much, but when you get some gear, OD can't be beat. Of course non OD's are great for racing, but street driving I'll take an OD any day of the week.
Of course this is just how I see it. YMMV ( pun intended :wink: ).