I'm running 3:08 rear in my 46 with the S-10 T-5. With the low first gear in the T-5 it drives just great. 5th gear overdrive gets little use until I'm on a long flat road. Best thing to do with the old truck, that's not hauling big loads is to gear up that rear end. My 47 and 216 loves the 3:55 rear end.

It's easier to get forgiveness than permission!
1946 1/2-Ton Chevy
1953 Chevy 3/4-ton Factory Stakebed