I have been running 315's with 3. 54 gears on my truck for the last two years or so. Before that I had 305's. The 315's do, IMHO, look much better.
I will say that you definately lose a little bottom end response. OD is not really useable below 65 mph, RPM's are just way too low. I think 70 MPH in OD is approximately 1700 RPM's.
Highway crusing is fantastic... 75 MPH is somewhere around 1800-1900 RPM's.
Unless I am at 65 MPH or above I leave OD locked out.
I have towed abut 5000 pounds with 315's with no problem at all. I used to have a 33' 5th wheel that weighed in somewhere around 9000 pounds. I towed it just fine with 305's.
I wish my truck had 4. 10's...
3. 54's and 315's are liveable, just not ideal, IMHO...