Best I can tell with the trailering option you could/would get 3.73s. There are three listed ratios for the '87 K5 in the dealer brochure (3.08, 3.42 and 3.73).
In any case, 3.73's were spec'd with a 12,000 combined vehicle weight rating (truck and trailer) in a K5. No idea how they got three different combined weight ratings in the K5, but they did.
Can't recall if the K5's could be spec'd with different brakes, I want to say yes, only because I've seen different brake RPO's listed on parts websites, not necessarily because that is the truth lol. Perhaps it was along the lines of trailering package or not, then trailering package with or without better brakes.