I forgot the new TKOs have the 2.87 1st instead of the 3.27 1st that my TKO has- that will give you more room with the 3.54s in 1st.
However, for ordinary street cruising I still don't think you need 3.54s in light of the amount of torque theses car make and how light they are. I went for a ride this morning and checked my rpm at 65 and 70 (3.31s with .82 5th). At 65 I was turning 2350 and at 70 was at about 2500, which is very comfortable. With 3.54s and the .64 5th @ 65 you would be turning apx. 1900 and at 70 you would be apx. 2100.
Either one if probably is probably fine, the real question is what are the specs on the cam Ray is going to be using and where will the engine run most efficiently at, in the 1900-2100 range or at 2300-2500 range? I would make the gear selection based on the cam.
Ray- for your information, here is a link to a gear ratio calculator. You can plug in different combos and see where they come out.
http://www.richmondgear.com/101032.html
Also, here is a link to TKO's website that lists all of the gear ratios
http://www.ttcautomotive.com/English/products/TKO.asp