T350 or T700r4 makes a big difference. Do you plan to drive on the highway at speeds over 60 a lot?
With overdrive, I would drop the ratio down for better acceleration, without it, I'd think more about cruise rpm.
With the 700r4, I would not be afraid to put 3.73 or even 4.10 gears in, although 4.10 is kinda low for the 3.06 first gear of the 700.
With a t350, unless you never cruise at high speeds, I would not go lower than 3.42; and 3.73 or 4.10 would be really low.
Someone else on here said that keeping your overall ratio arounf 10:1 in your lowest gear works well, but I think they were speaking of manual transmissions.
I like low gears, but I don't do any interstate (high speed) driving with my project cars. This is just my opinion, not fact. You can cruise at 3500 rpm at 65 mph all day long if it doesn't bother you. It makes me nuts. I put higher gears in my "traveling" vehicles.
My van has 3.73 with no OD and a stick shift, I rarely excede 55 with it. My wifes van has a 4L60e and 3.42s, we have set the cruise at 80 with it and it is happy. Both have 350s with about 275hp.
It's all in what you want and waht you like, I guess.