There is a great website for analyzing gearing effects.
http://www.grimmjeeper.com/gears.html
Using this chart, and then looking at the torque/HP curves, and efficiency curve of the engine, will provide some great insight into good choices based on driving conditions/applications.
I did this on my last two builds (a pro-touring Mustang, and a 4BT conversion in an old Scout). I was really happy with the results.
Lastly, and I don't fully understand this but... Certain rear ends are more efficient with certain gear sets. There is more than just pinion position in the housing that changes this.
Every differential has a sweet spot in regards to gearing, which relates to how the pinion and ring gears mesh, and the amount of loading the gears see. This translates to efficiency.
I've seen this over the years with different rearend rebuilds on commercial vehicles, and even some custom builds. I've never quantified the feedback, but keyed into this from an article in a trade magazine back in the early days of the Ford 8.8.
Any way, I don't claim to be an expert by any means, but have had the good fortune to be involved with a lot of builds, and that has definitely been a huge help to pick good combinations.
Hope this insight is helpful to you. :beer: