You end up with better gas milage with steeper gears through the operating range of your highest "gear" on the transmission after that point, you will lose milage.
A lot of folks report better city milage with higher gears. This is because the motor doesnt have to work as hard to push the car around. It's torque is being multiplied better. At higher speeds, you run out of transmission gearing and then wind up but still, the motor has extra torque multiplication so you're burning less gas at 3000 rpms with 3.73's than 3000 rpms with 2.73s from the reduced load.
If you learn to drive the car "on gears" rather than through power, just letting it roll through its gears and shifting at the right point, barely feathering the throttle the whole time, you can get really really good milage. Helps to install a vacuum guage and drive by it. Then you can really see what actual effects your input is having on engine load.