Yes, first gear is crazy-low at 3.06: http://www.smokemup.com/tech/700r4.php

Don't forget that a 2004-R is a nice alternative. You can see the ratios at the same link above. 1st/2nd are closer together, 4th is a smidge taller.

I've caught a lot of "feedback" from guys saying that the combo of 700R-4 and a 2.78 rear might be too optimistic concerning gas mileage. Guys seem to think I'm underreving the engine and the trans may not flow enough fluid since it is turning so slow.

I run a fairly large trans cooler and I have a lock-up torque converter, so I don't think I have heat as a problem so the slow turning tranny may not be as much of an issue.

IF you convert to an O/D trans definitely get a trans cooler, even in addition to the one in the radiator.

My two cents.

-Scott