No, you can't use the original transmission...at least not without some changes to it.
If you have a 3.08 rear end you can find a T5 set up so that your first 3 gears will match very closely what came stock in your truck. This will give you the benefit of still being able to use it as a pickup. In fact, driving in town will feel just like the old truck you're familiar with except for two things: it is synchronized and the fun doesn't stop with the third gear. When you get to fourth gear, you'll be in what (from the point of view of your original 4.11 rear end) will be your first overdrive gear ... that is to say 3.08 will be a 25% drop in rpm from what 3rd gear in your old 4.11 used to be. Then if you have the .86 fifth gear, your fifth will be your second overdrive and that will effectively make your rear end seem like a 2.65 ratio.
But yes, you can use a 3 speed with overdrive as long as it is compatible with your bell housing and clutch setup. Lots of people do that and it is a good alternative. Please make certain you pay attention to your 1st gear ratio in relation to your rear end ratio. What I mean is if your first gear in that three speed is a 2.85 then the 3.08 rear end won't work for you. It will leave you with a starting line ratio of about 8.8 and when you let out the clutch to start driving, nobody will be home up there under the hood. I think you need a starting line ratio of at least 10.5 with a 235 and a truck weighing this much and that might even be a bit on the light side. Your stock ratio was nearly 12 to give you an idea. If you used the 3.36 rear end, you'd need a first gear of around 3.1. Having said this, you can combat this with smaller tires. I'm supposing you're keeping roughly the same diameter tires going forward. And from a steering geometry standpoint, there are reasons this is a good idea...
