I run a 3:31 with a top loader and would NOT recommend a lower rear gear, unless you plan on an over drive of some kind. I don't do parades, 1st gear IS to high for me, parking lots are not a big a deal. MOST of my driving is on the highway, I like to keep my cruise rpm within a reasonable range. Anything less than a 3:31 is going to have your motor 'screaming' at 65 mph.
Now as most of you have figured out I'm a stickler for 'keeping it real', but I'm not crazy either! Details you can SEE are what is most important, details you PERSONALLY care about are second to that. For instance, it really bothered me personally that I was running 427 emblems on my 302 powered Excalibur. SO I changed the emblems to "Powered by Ford". I don't like 17" tires because they simply 'don't look right', and the LOOK is important to me.
I'd run a 5 speed in a heartbeat, you can't SEE it, but I would make DARN SURE I had a correct appearing gear shift, and I'd probably run a FOUR speed knob on it too!
Gear ratios that are close to a wide ratio top loader AND an overdrive? Whew, thats a PERFECT combo, and a 3.5 rear ratio would work nicely.