I wouldn't make any moves that raise your gear ratio. With 4.88's, 40's and 1.96 of a 205 I'm not sure you'll be happy with how it "crawls".
If a doubler isn't in your future or something along those lines I'd be tempted to rebuild the 208 (I wheeled on one for years with no real problems) or get a 241 in there.
If a doubler isn't in your future or something along those lines I'd be tempted to rebuild the 208 (I wheeled on one for years with no real problems) or get a 241 in there.

Nice job. Oh, and I might message you in the future about the details of what you had done to your computer on your 7.4 liter, if you are cool with that. I have a 96 K2500 (DD/Tow rig) with a 7.4/4l80e combo. It seems to run real good, but always looking for ways to make it better.