The only issue I can think of that has not been discussed is timing and quality of ignition. Timing does impact torque, and some replacement distributors have spark scatter which will kill performance. I would tune for max advance in by 2200 RPM with probably 34° mechanical advance. If you get detonation, back off 2°. Then set vacuum advance to near 50° total at the crank and make sure there is no detonation. Change VA Diaphragm if the advance is not correct. Distributor advance degrees should be shown on the arm.
I ran 2.94:1 gears for years in my 340 Formula S and loved them for highway driving. Also got up to 24 MPG with a mild cammed 340. 2.73 gears may be even better on the highway with 70+ MPH speed limints (like in Utah, WY, etc) But around town, manybe not so much.