Well you won't find them in any factory trucks, but I went all the way to 4.56 with 235/75R15 tires (~29" tall), and couldn't be happier. Of course, I'm not a speed demon with it, I like to keep it at the speed limit or slower if I'm towing. Though there are some here that disagree with my opinion on the matter. At 70 mph in overdrive, I'm turning about 3,000 rpm. Peak torque is about 2,800 for a '97 2.3L, so I'm just about right in the sweet spot.
Tire size plays a huge roll in gearing setup, so we'll need to know your tire size too.
Also, these engines need the RPM, don't be shy about winding it out a little. 3000 rpm for a 2.3L 4 cylinder is the same number of power strokes as a 4.6L V8 at 1500, when it's put in that context it seems a little more reasonable. Do not fear the gear!
And for the record, my mileage increased.
They do make 4.56 for 7.5" axles, installing them gets a little tricky due to the crosspin needing to go through the ring gear when you install it, necessitating the ring gear, crosspin, or both to be notched. they also make torsen differentials for them too.
I'd recommend an 8.8 out of a Ranger, 10" drum brakes (make sure it's not the crappy 9" ones), and 4.10 gears to start, some can be had with limited slips. It won't be much of a step, but it might be noticeable.