The most common fix is to install the "pumplin" from a 1967 to 72 3/4 Ton truck with an automatic. They had a ratio of 4:10. I did this swap and I can drive at 60 mph with no problem. I also have tall 16" tires on mine. Here is a writeup on the procedure:
Old GMC.com Site Article


1951 GMC 1 Ton Flatbed -- It is finally on the road and what a great time I have driving it!
1951 1 Ton Completed


My Chevy Master 4 Door is on the Road!