Not having a lock up torque converter, your truck is presently turning something like 2,850 rpm @ 60 mph. If you went to 3.55:1 axles, with the same tires you'd be turning approximately 2,460 rpm @ 60 mph. Several people have mentioned slower accelleration, increased tranny temps and so on. When calculating the tire size and gear ratio, my '77 D150 with a 318 and 727 turned something like 2,450 rpm @ 60 mph, almost exactly what yours would turn with 3.55:1. No, my truck wasn't a speed demon, but I pulled plenty of 5,000-6,000 lb fertilizer carts and anhydrous nurse tanks without overheating the tranny. As far as the accelleration goes, assuming your truck is a 3/4 ton it will weight a bit more than my truck did, but you also have a 440 under the hood and not a puny 318 like I had. My folks had a '73 D100 with the same engine and drive train set up as my truck and that truck hauled a lot of 2,000+ lb loads of feed and trailers from Missouri to Florida and back and never had any overheating, tranny or accelleration problems.
And don't assume a lower ratio axle will hurt drivability at higher road speeds. We used to have a '74 Newport with a 400 and 2.7 axle. At 55 mph it was DOGGY when going up moderate hills on I-70 between Columbia and KC. When interstate speeds went back to 70 mph, it waltzed up the same hills and the dogginess was gone. And also consider the Newport weighed 4,500 lbs, probably no more than a couple of hundred pounds less than your truck (my D150 weighed 4,200, both weighed on MO Dept of Ag certified scales). Your truck undoubtedly has more frontal area than the Newport, but I think everyone is over emphasizing the overheating-poor accelleration possibilities. And were you to go to 3.55 and wanted just a bit more get up and go, switching from 235-85 to 245-75 tires would gain you back 100 of the 400 rpm you lost in the swap. Yes, overdrive trannies are technically the best route to go, but from a labor and cost viewpoint, as long as your present transmission is functional and you can find sound axles at a reasonable cost, the axle swap is probably the simplest route. Just my opinion.