My 50 still has its original 216. I swapped an S10 T5 in place of the 3 speed, and a 3.90 Task Force truck rear in place of the 4.11 and torque tube. It cruises 70 at a happy 2500 rpm. First gear is a little short (usualy shifting before I've cleared the intersection at a 4 way stop) but otherwise it's a great driving experience.
I had the same issue with "first gear is a little short" with my T-5 with 4.64 rear gears. At that time I had 28" tires. I swapped out for 30.5" radial tires and that dialed everything in. First gear is now very usable for a reasonable distance before shifting into second.