First off, my opinions on 5.29's and 5.71's are based on several years of hard core rock crawling in a truck that was also a daily driver. You will find other opinions on this that say the opposite is true - and that's fine. Maybe for some folks they work, but I've personally broken way to many, and watched at least a dozen sets grenade on AZ trails. Bear in mind, these are 4.0 to 5.0 on a scale of 1 to 5 trails where the skinny pedal is being depressed to the floor at low, low gear ratios. I'm actually geared pretty high at 109:1 - most of the guys are at 170:1 or better...as low as 1100:1 (Marlin's truck w/ triple t'cases!!!)
I put 45,000+ miles on the rear spooled '87 BPOS before retiring it from daily use. This is definately not "normal" use by any means. The truck is rolling on 35/12.5-15 MT/R's. In those miles, I have broken or burned up 3 sets of rear gears and one set of front gears along with a broken front Detroit Locker. Two rear sets were from breakage while crawlin, one set from improper setup. The front was also due to crawlin - when the Detroit broke it also destroyed the R/P.
IMO, 5.29 and 5.71 pinions are weak and prone to breakage under severe use. The list below is tooth counts for various R/P ratios. These are for the venerable 8", but also apply to the 8.5 non-elocker.
4.11 37-9
4.56 41-9
4.88 39-8
5.29 37-7
5.71 40-7
As the ratio changes the pinion head gets smaller and smaller. One tooth lower makes for a large decrease in pinion size. Subsequently, the smaller pinion generates more heat. I only use high quality full synthetic gear oil in my thirds and gear boxes - both tranny and dual t'cases.
With a 3.4L and 5 speed your way ahead of me on power - 22RE and G56 five speed. I know if I had the 3.4L in the BPOS, I'd be using 4.56's or 4.88's - probably the later.
Perhaps the most critical issue in regearing is proper setup. Find a shop that can give you multiple references from Toy owners. Toy thirds are very, very picky about setup - they will take a ton of abuse IF they are done right. My last spooled thrid went 30,000 miles before it let go on one of the Hammer trails. If your mechanic hasn't done a bunch of Toy thirds, I'd suggest getting them from a reputable shop via the mail. My current rear is from West Coast Diff, and has performed flawlessly. (Now I've done it, I went and put the WHAMMY on myself - I see that that guy Murphy pokin' his head over the hood again)
After install breakin is even more important than the install. Follow the instructions from your installer to avoid voiding your warrenty. My personal method is to use 90W dino juice, drive 20 miles of easy stuff at varied speed, stop and let the diff cool completely. Repeat the procedure. Drive normally (NO TOWING) until you've got 100 miles on the diff. Drain and refill with 90W dino juice. Drive until 500 miles. Drain and add what ever diff juice you like - I prefer a full synthetic 75W-90 from Valvoline. The reason I don't use synthetic on breakin is that it is TOO slick, and won't allow the gears to break in properly.
As far as hard core crawlin goes, I'll never use a Toy axle again. I've spent enough on thirds to have mildly built Dana 60's front and rear. Oh well, live and learn. Even with full width axles, by using reverse offset rims, you can come out within 4" of stock width.
So, to summerize, on a daily driver, I'd stick with the 4.88's for increased strength and longevity. Make damn sure of your setup dude, and run the best gear oil you can afford.
Just to give you the opposite side of the spectrum, take a look at Zuk's page. He says the 5.71's are stronger. I personally disagree!
http://www.gearinstalls.com/
Mark