I have a '49 with a Chevrolet 350 and a TH400 (Same 1:1 final gear as your TH350) with a 3.08 rear end. It doesn't like to do burnouts but it does like to go 70.
Having said that, I wish I would have gone with a 700R4 for the lower first gear (for burnouts, man) and the overdrive for better gas mileage on the freeway.

1952 5-window - return to "as built" condition | 1950 3100 with a 235 and a T-5 transmission