First of all, if you're in overdive in the 1/4, you're losing alot of torque multiplication. It actually becomes torque reduction. Anything you can do to prevent that would be a good thing.
Some jackass put 4.56's in a 7.5 rear, in my regal before I bought it. It was the best gear for my cobra, but flat out stupid for the TR.
Increasing torque multiplication in a car that has a peaky torque curve is the way to go, but the TR's have such a fat, flat curve, that it makes no sense. With the TR, you're in the powerband, right here, right now. No need to gear it. Plus, a turbo engine needs to see a load for it to even produce boost. The higher 3.42 gear gives it this load, and it also allows you to build more boost off the line.
My godfather bought an 86 TType new. He eventually had a 4k stall, GN1 heads, cam, custom headers, DP, full exhaust, and then put in 3.90 gears. The best he could ever muster was a 12.12 with slicks. It was those gears killing his E.T. It forced him into OD and killed torque multiplication throughout most of the second half of the track.