I have the same combo (4.88 and the H41) in my late 1980 HJ45. I have owned it for a year now. The first 8 months it was a second vehicle. For the last 4 months it has been my daily driver, until my 80 series is fixed.
I'm currently running 31x10.50. I run out of gear often every time I get on the freeway, due to that I am also going to go to a H51.
After running around with the above setup, I believe the 5 speed and 33's or 265/85R16 as I am going to run will work great with 4.88's.
Good luck and congrats on the purchase.