Mike Romain has made the point several times but it bears repeating. Based on several thousand miles of driving, 5th gear with that miserable 3.07 is useless above about 2000' unless driving downhill with a tail wind; That's why there are 4 lower gears . Since driving solo from Colorado to South Texas tends to leave me with a lot of time on my hands, I tried a simple experiment on the last several trips.
I hooked up a manifold vacuum gauge and set it on the dash. Then I would get up to cruise speed and select the gear that gave me the max vacuum at that speed in that condition. RPM would vary between about 2250 and 2800 and the best I did was a couple of 1200 mile (one way) runs that averaged 27 mpg round trip. It's a PITA to keep track of all this but then it kept me occupied and awake. I had one trip that did better - right at 30 mpg - but I can't claim credit for that since I had a quartering tail wind of 40 mph or so all the way down and calm winds all the way home. There's a lot to be said for the old fashioned manifold vacuum methods.