I'll throw in my 2 cents, I just went through this decision myself and am pleased with the outcome. I bought a 99' with a 6" lift and 315/70R17's (34.3" according to the conversion formula) that hadn't been regeared yet, it also had 3.42 gears and was a complete dog.
I asked alot of questions here and did alot of research on the internet. In the end I went with the recommendation of the Off-Road shop and the Gear Company. Both of them said 4.56 for 34" - 35" tires. As others have said 4.88 would be too low. You won't need 4.88 unless your going up to 37" tires.
Right now with about 50% wear on the 315's I'm running about 2150rpm at 65mph, which is higher than what the gear charts claim but my tires are wore and tires are actually a little smaller in diameter than the tire conversion formula will tell you, even when they are new.
Today I was on the interstate and I was running 2300rpm with the cruise set at 71mph. At 75-80mph I was around 2500rpm. Power is great, it accelerates really well. With stock tires and stock gears you should be around 1800-2000rpm at 70mph.
My gas mileage has been running just below 13mpg with mixed driving and about 14mpg with the cruise set at 70 - 75mph interstate only driving. This isn't as good as I would like but compared to some of the mpg reports I've heard on this forum its really not that bad for a lifted Hoe with over-sized tires.
I'll probably go up to 35's when I buy new tires this fall. The 35's should get my rpm's closer to stock numbers and I don't think I will experience any power loss just stepping up one tire size.
Good luck with your decision. PM me if you have any specific questions. Like I said earlier I just went through the "which gear" decision process and I am mostly happy with the outcome.