I have 3:55's in my car with a 4-speed and, although I have only had it on the road for a little while, I am very happy with the ratio. Orignially, I was convinced that I would be swapping it out for a 3:91 or 4:10, but I know now that I'd get way too much wheel spin off the line if I did that. And as CP stated, 1st gear would be useless.
I'm not sure how much money the rebuild of your 741 will be, but it may be a good opportunity to put it towards an aleady rebuilt 742 or 489 instead. You could keep your 741 chunk on the side and even run a different ratio on the 742 or 489, swapping them in and out depending on what you plan on doing (road trip or track). Money invested in a 741 may not be recoverable, while the 742's or 489's should always hold their value. Just a thought.
Here is something else that you might find useful. I think someone on this site actually referred to it a while back. That's how I found it. Pretty cool way to configure your tire size, axle ratio, etc... and see the results. Check the site out below.
http://vexer.com/automotive-tools/speed-rpm-calculator