I am running 4.88's on my 3rd gen 4Runner with 35's and it seems to drive close to the stock capabilities. It's no rocket ship by any means but at least has enough grunt to pass on the highway and get up to speed while merging.I have a taco on 35s with 4.88 and a 4runner on 32s with the factory 4.30...while anecdotal I can most definitely tell a difference between the two. They drive very similar as they are, but i once put the 35s on my 4runner for giggle and it was a turd. More so than factory.
Personally though, I don't think that 4.30s are "undergeared" for the 3rd gen runners or 1st gen taco (not an available option on a taco factory) with the 3.4 and a tire that is 33 or shorter. I would definitely go up to a 4.88 with 35s though and on 33s it wouldnt hurt to gain some of that mechanical advantage i just dont view it as a requirement. and I agree that a supercharger would be a much more worthwhile purchase. I'm sitting over 2k rpm on the highway with my 4runner at times over 2500. I could add all the gear in the world and all it would do is decrease my highway mileage without gaining much pep whereas the s/c would give it the low end torque and power up top to help it perform how it should.
I wouldn't go higher than 4.88 in these trucks...the larger gear, the weaker it is...and 5.29s seem to experience a lot more breakage issues. heck with 4.88 and 35s on the taco I'm at 2400ish rpm at 70mph I wouldn't want to cruise at 3k on my daily commute
I would definitely supercharge it before I would ever re-gear to 5.29. After driving it yesterday, I do notice some differences but again, nothing to feel from the butt dyno. Revs are higher at cruising speed and driving with the overdrive off around town I do get better responsiveness. I haven't taken it to the trail yet, I'm going to let my transmission and gears wear in awhile before I really push it. Then I will know if there is any benefit to be reaped there. I'm hoping so. A lot of my issues came into play when I would be on steeper rocky trails (small rocks, not boulders) where low range was too slow but Hi was a bit too high. The engine would rev quite high to move over them and I really was feeling like my transmission was straining. I know be going to 4.88 I have taken some of the burden off there but I'm hoping there's a little bit better 'go slow-ability' without having to crawl in low range so much.