I’ll give you my comments, not as a recommendation. As
@Woodchuck said, what gear set in the T5? The stock 3.35 T5 was designed to offer a very good acceleration in 1st gear. 5th gear is all about maximum fuel economy over everything else. You end up with a big jump between 1-2 and 4-5. You’re left with a narrow range of axle ratios that work well with all 5 gears. Go to far off that you either have a 1st gear that’s way too low or a 5th that’s way too tall. So you end up with 4 gears out of 5 that are really useful. I’ve driven the 3.35 T5 from 2.73 to 3.40. There’s a reason Ford didn’t go any lower then an optional 3.08. They worked very well. The 3.27’s were probably my favorite and me personally I wouldn’t go lower than 3.25. I’ve driven 2nd 66’s car with 3.40’s. They were good but 1st gear was just starting to become a little too low. This would be the lowest I would go. When picking a axle ratio you really need to think about the final drive ratio in all gears not just 5th.
I have a wide ratio Toploader with 3.55’s. It’s very “lively” in 1st. Final drive is 9.87:1. To have the same final drive with a 3.35 T5, you’re looking at a 2.95 axle. So you see why Ford offered a 3.08 as it’s lowest axle. When you start to go too low on your axle you basically end up reassigning the gear to a different spot on the shift pattern. A lot of guys with the 3.35 T5 will run 4.10’s because 5th makes them very highway friendly. However they’ll typically start off in 2nd gear because 1st is way too low and it starts off just fine in 2nd. Here’s the funny thing and it’s true. As I said once you calculate final drive ratios in all the gears, the T5’s 2-5 match up pretty much exactly to my wide ratio Toploader with 2.80 gears 1-4! My driveshaft will be spinning slower, less vibration and my axle will run cooler and more efficient.