I've messed around with the desktop dyno drag simulator and its interesting to see some of the effects of gear ratio on 1/4 mile times.
I know with my car it actually showed a 3.42 gear being the quickest by over a .5 second compared to the 4.30 gears I have in there. Part of it had to do with the fact that with the 4.30 gears and my 6500rpm shift rpm, I'd be shifting into the 5th gear before the end of the 1/4. Plus, with the lower (numerically) ratio it helps keep you in the power band longer when in 1st gear.
With the 4.30 gears I have and the 2.66 1st gear, I believe I'm in 1st gear for 1.2 seconds before I'm having to shift.
Of course these programs aren't always accurate but they do give you something to consider.