I was thinking about this topic while I was driving around today. These comments apply to 5 and 6 speeds, and stock condition only. I don't have experience with the auto or bombing, so those may not apply there.
3. 54: You can cruise down the inerstate at 75 MPH empty no problem, but if you are towing, you have to downshift into direct drive gear (4th or 5th) and anything over about 60 MPH and the RPM's are getting too high. 3. 54 Conclusion: Great for driving empty on the interstate, but a little slower towing.
4. 10: Cruising down the interstate empty, you will want to stay around 65 - 68 MPH or the RPMs get too high. Towing, stay in top gear and still run in the 62 - 68 MPH and you are right in the power band. City driving on local roads and city freeways, 65 MPH is as fast as you need to go anyway, and sometimes you can get into top gear where your couldn't with the 3. 54. 4. 10 Conclusion: Great for towing, but you will be driving empty on the open interstate at slower speeds to keep the RPMs down.
Conclusion:
Which is more important? Having the towing gears when you need them, even if you don't tow that often, or cruising at 75 MPH empty?
What do you do the most? Heavy towing or open interstate driving empty? If you use the truck for both heavy towing and high speed interstate driving, either gear ratio will require you to drive slower at some time.
Disclaimer: I am not affliated with any company or any job, but I'm working on it.