I have done quite a bit of reading about the T5. I own 3 of them, each is different. I guess you could say I have a passion for them.
An S10 T5 from 1993 or earlier pulled from a 4 cylinder Chevy S10 or GMC S15 usually has a 0.86 OD gear. First gear is gonna be 4.03.
I have no idea what exact modifications you'll need in order to mate a T5 to a 235 bell, but you will likely need an adapter plate ($160) and then shorten the driveshaft. New clutch friction disc and pressure plate and throwout bearing too. Might need to modify your e-brake setup too. Also, It's very difficult to find an S10 T5 with the cable style speedo drive. Most after 1986 are electronic style output.
Let's run some numbers here: a 235/75R15 tire is 29" tall. A combo of a 3.38 rear, a 29" diameter tire, an OD of 0.86 will have your engine doing 2189 RPMs at 65 MPH and 2358 RPMs at 70 MPH. Only you know how well your engine likes those RPMs for cruising.
I got tired of seeing wrong tag and gearing info on the internet websites, so I have a T5 INFO PAGE on my website. I think the info there will be useful.
Link =
http://lugnutz65chevystepside.weebly.com/t5-info-main-page.html
