If you want to go forward with this, overdrive is by far the better option, especially since you have the small 320 engine. A significantly taller rear axle, especially when combined with the fairly large diameter of your tires, and you'll find yourself downshifting to a lower gear even on modest upgrades which you used to sail over with ease in high gear. If you have one of the lighter body styles and can find a ring/pinion set of 4.07 or thereabouts, that might be a nice compromise.
What is your current rear axle ratio and tire diameter? Data for your 833 below.
My '34 Eight has the 4.69 rear axle and 7:00x17 tires. I've put about 45,000 miles on the car and have tried during that time to avoid sustained speeds over 50 mph, and it's a bit happier at about 45 mph. I got my first hint of a rod knock (babbitt beginning to fail) at about 88,000 miles.
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