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I have a 93 Ranger Supercab with a 5.0 HO, D44 front, 9" rear, AOD tranny, and NP208 t-case. My Engine is a full roller with E7 heads, Edlebrock intake/600 cfm Carb, Ford Performance E303 cam, and full MSD ignition.
With that said, I am running 38.5/15-15 boggers(currently w/ 3.50:1 gears, which is an extreme turd in high and moderately drivable in low) and cannot decide on which gears to switch to. I am torn between 4.88:1 and 5.13:1. I am leaning more towards the 5.13's to get the most out of the 302, but I also still want to be able to drive my truck on-road and to the off-road destination. I am thinking that the 5:13's might be a bit low for highway driving but also the 0.76:1 overdrive will also help that. The reason I can't decide is because I would not want to go with the 4.88's and not be able to have the off road performance I want.
I also have plans sometime in the future to stroke my 302 to a 347 and go with better heads at the same time. This also makes me think I might be better with 4.88's instead of 5.13's.
4:88 should be fine behind a 5.0L IMO....I'm thinkin even 4:11's would do nicely.
I was original thinking that I might go with 4.56's until I remembered that my buddy with a bowturd is running 33's with 4.56's and a 350 engine. And he still runs low range up on the sand dunes. So I assumed that with my smaller motor and much larger tires that I would need at least 4.88. I do not like to run low range all the time, I want low range to be the last ditch effort if I get in a bind and need more grunt. My logic is that if you are already wheeling in low and get in a bad spot where you need a few extra ponies, you're screwed for sure.
I guess it comes down to where you'll need the truck to perform the most: on the highway or in the sand dunes. I think though you will not be disappointed with 4:88's.