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Rear axle gear ratio
I have a '72 LTD with a 429 rebuilt to 466 cid, 750 cfm carb, P235/70R-15s on 15x7 AR wheels; sounds like a similar set-up. Mine has a C6 with 3.25 gears and posi. Both rear wheels break away nicely when floored from a dead stop and spin through about 30 mph. Highway driving is very nice; pulls around 2,600 rpm at 65 mph and gets reasonable economy.
Everything in car design is a trade-off. 4.10s may spin more to start but not spin as much as the car accelerates (like previous guy said). Mine don't spin as aggressively to start (you don't generate a cloud of thick smoke and feel like the tires are going to shred) but they spin longer and you get good driveability. Personally I don't like tall gears. Trade-offs are too severe for what you get. Only real advantage is better acceleration 0<100. In return you get 3,500 rpm at 70 mph (motor works WAY too hard), horrible fuel economy (7 mpg vs 14 on highway matters), and very limited top-end (maybe 100-110 unless you have some really high rpm set-up).
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