If you get one or build a T5 with a 2.95 ratio(I'm referring to world class T5's here), your torque rating goes to 330 ft/lb or close to it if you are building one.
I rebuilt a T5 and kept the 3.35 first gear and installed it into my '68 which has a 3.00 traction lok 8" rear and 225/50/16 tires. It definetly has made the car feel stronger! I previously had a C4 tranny in it with just a stock converter which sucked.
Anyway, I think first gear doesn't last long enough for me but it does pull pretty good! I'd still go for the 2.95 first gear in a World Class T5 and then get the right rear gear if your going to be drag racing a lot because it is stronger.
I couldn't imagine having 4.11 gears with a 3.35 first gear. I wonder how someone could keep traction with such a combo?
I guess I'm just used to a Corvette I have which has a 2.68 first gear and a 3.45 rear and 285/40/17 tires. Some guys put 4.11s in their 'Vettes and say it really wakes them up and makes 6th more usefull.
I guess it's just what you are used to or what you want.
edit: I see your 302 is basically stock. You could go with the 3.35 first gear with a stock 302 and preferably a '90 and up V8 T5(rated a 300 ft/lb) if you wanted and not worry too much about the strength of the T5.