3.73's is what I have in my K5. Well, currently, it's been out of commision for a while during a rebuild, but I drove the truck for 4 years w/3.73's, I towed a 4place enclosed sno-mo trailer with it, no problems. Weight of it was probably somewhere around 4000lbs.
My feeling is, if your not doing hard core rocks with it, 3.73's is a good ratio to have, especially if the rig see's a fair amount of highway and you don't have an overdrive.
I got pretty consistent mileage (engine was a pretty stock 350) around 14-16mpg (that's 17-15 l/100km for you) or so, depending on what i was doing. Even towing the 4-place in 4wd, I never got less than 14.
Aside from the mileage, it's better for the engine not to be constantly revving that high.
What tire size you running?