When choosing a final drive ratio it's always going to be a decision between specific use or compromise. If you have a specific use like only going in a straight line down the quarter mile the choice is much easier, go for a ratio that will see the engine rev to its maximum as it passes the finish line.
If your only going to use it for the highway go for gearing that will give you a low R.P.M at cruising speed 2.78 ratio or simular. But the compromise choice is a much harder decision.
The Torana is still a light car so I reckon for the average 308 engine with a four speed you can easily get away with a 3.08 ratio for every day cruising around in a variety of conditions. Many high performance engines don't like to drop to low in the rev range and get a bit harder to get of the line so I would go a bit lower ratio. Most high performance engines generally have a bad ignition curve when it comes to economy driving so as mentioned above the economy may not be very good with a high speed ratio.
That's where E.F.I comes into it, the best of both worlds as there are so many variables that the engine computer can adjust for.
Personally I like 6 speed overdrive boxes with final drive gearing of around 3.9-3.7 for street use. You don't have to use the overdrive gears around town if you don't want to, and than on the Hwy you have got an engine that can take it easy and all your money doesn't go out the exhaust.
What surprises me is my hatch 513hp & 502ft torque. Its running a 3.0-1 diff gears with a TKO Tremec with a .65 overdrive. The car had this diff ratio in it when I bought it and when I restored the car I was always going to change the gears for a set of 3.7 but never got around to it. When I take it to Toranafest each year its a round trip of 450km and uses 55-60 litres of fuel as the engines is only ticking over at 1,650 RPM. and because of the high torque output it still sinks you into the seat at 120kph. Around town however I can easily use 50 litres just going to Parramatta and back a round trip of only 85km.