I wouldn't spend the time and money on a gear swap, and only go to one step. When I pulled 3:73's out and went 4:56 in my '70, it was nice with the 33's. I thought about 4:88, and now that it has 35's , I wish that it had 4:88 gears. It has a big block.
With the 5.3, I would give it a chance to wind up. And then look into a tune.
When I get it up in RPM it does have some power. I think you are right 4.88 would be correct.
I have some time to think about it, winter is a ways away, hopefully....
Car-part.com does have some lq9s with low miles for not too bad of prices around here
