The gains vs. a 465 are so miniscule that it's tough to justify it. If you have to have really low gears but still need OD for the street, there isn't much else as an option for a manual than the 4500 though to drive freeway RPM's down.
For a 350, I'd agree with you. But my engines don't like spinning quickly very much. And I have a weird (for this site) set of desired parameters in my builds. All 3 of them are intended to be daily drivers that will see light offroading use. So I'm looking for fuel mileage, reliability, and durability. Power/torque is a secondary concern.
My K10 has 3.08s, 29" tires, and a 700R4 transmission. Engine range is ~1250RPM at 55MPH and ~1600 at 65 (IIRC). I like that gearing. Enough power to take a 2-3% grade without downshifting (and unless I head North of here I don't encounter very many hills steeper than that in this region).
My Suburban has 3.73s, 31s, and a 700R4. It has much more available power than the K10, but unless I'm trailering I simply can't use it. Even when trailering 11,000 pounds (combined vehicle weight) it stayed in O/D on the road. Nice for trailering, but I hardly ever pull that much weight, and overall I'd rather have the mileage of the K10 than the power of the Suburban.
The M1009 with 3.08s, 31s and no O/D is worse yet (1800RPM @ 55, 2250 @65). Fine gearing for a 350, and not bad for a 6.2, but not what I wish to keep in a daily driver. I don't think any of the 6.2 engines sound healthy above 2000RPM, but with the lack of sound insulation in the M1009, it sounds downright terrible at highway speed.
So, a non-O/D tranny would be fine...if I could find gears
more anemic than what I already have. But I've only rarely seen gears above 3.08. And I like sticking with common parts, living in a rural area with few parts-finding resources available.