The 4. 10 differential will produce more torque at the wheel than a 3. 54 differential for the same torque produced at the engine. This is because you are running in a lower gear with the 4. 10. It is essentially the same thing as selecting 4th gear instead of 5th, for example. You will get more torque but lower RPM.
The horsepower will be equal with each differential. This is because the higher torque produced by the 4. 10 differential is offset exactly by the lower RPM at the wheel. Power equals torque multiplied by rotational speed. The torque is higher (at the wheel) because of the lower gear, but the rotational speed (at the wheel) is lower for the same reason.
Loren