I suspect that you will spend very little time in 5th gear/overdrive with the 3.38 rear gears. What size tires are you going to run? Shorter tires will make overdrive more usable.
If you haven't selected your T-5 yet, I would suggest the .86 to 1 version. This would work better with your 3.38 gears than the .72 to 1 T-5.
Carl

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