Hello and welcome, shuggie,
I share a '36 Phaeton with my dad. When we got the car it had 4.11 rear end gears, and it didn't really like speeds above 45, even though I had it up to 55 for short periods of interstate driving. Within the last year or so we had a rear built by Charlie Schwindler (sp?) in NY, that had one step lower gears in it. There was a very nice difference, in fact I just came back from a little jaunt down the interstate within the last hour, and she was happy between 60 and 65, and frankly that's fast enough for me. So to answer your question, I wouldn't advocate either of your proposals, but would advocate for a rear gearset that is compatible with modern highway speeds, maybe even 3.78s which my buddy JM35sedan has in his car that is fresh off a 7K mile run from MD to NV and back. Remember another factor is the tires you select.
I think I read or heard that Ford said their car would do 80mph right off the showroom floor, but I can't imagine what that would have been like on the roads of the day!
To figure what rear gear your car has check the current thread on the subject:
http://www.fordbarn.com/forum/showthread.php?t=114015
That said, many people have the overdrives and love them, like one of my buddies Cecil/WV who does quite a bit of long distance driving (like from WV to NV and back, and WV to UT and back), and there are plenty of folks that would advocate for the 5 speed, even though I'm a little too much of a 'as henry built it' guy to love that idea.
Just my opinions, I hope they help.
-VT/JeffH
Edited because I'm a fool and got some of the info wrong.