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I have never run a 292, so I don't know how they respond. I would say that unless you are doing a lot of towing or live in a hilly area, I would go at least 3.50 or 3.25.
Many 352s came in front of 3.25 rears, I have 3.00 gears in mine and need to go back to 2.75 for more mpgs.
Who worries about mileage in a slick? Just have fun with what you got. If you need some tow-ability get some 3.50 gears, pretty good all around I overload mine all the time and it gets up and goes (so does the gas gauge). Of course I too have the 352 so not sure how the 292 would respond.
With that small engine, you do need more gear at the rear.
The gears balance the difference between the front and rear of the truck. More in front less in the rear, less in front more in the rear. Pretty simple.
Go here Randy's Ring & Pinion. RPM Calculator. Use the Calculator, See where you at now at 60....Figure out where you want to be...You would drop roughly 500RPM at 60 by going to 355s. Thats where I would go if I wanted a daily driver that could still haul tow occasionaly.
When I drove my 61 home from Tacoma WA I had it loaded down with a 302 and tranny, a Volare clip, set of rims, and a couple hundred lbs. of other crap. I got 12-14 mpg and pulled all the hills no problem. 292, granny 4spd, 3.89s and 33x12.50 15, also went through a case of oil.
I thought of using a 3.55. Then I realized that every truck I've had was a 3.55 truck. They will tow but are terribly slow at getting to speed.
I figured a 3.73 would be a better balance. I dont want to hear a long lecture about towing with these trucks but do intend to tow.
With that small engine, you do need more gear at the rear.
The gears balance the difference between the front and rear of the truck. More in front less in the rear, less in front more in the rear. Pretty simple.
John
appreciate it....been trying to figure out what im gonna do....change trany/motor/rear end....not sure yet.