Gears are Dependant Upon Engine, Drivetrain and Car
If you're running a stock GT with a 5-speed, don't touch them. It's geared perfectly to run through the traps in third. 1.34x3.08=4.12. A 3.55 or 3.73 will only slow you down if you can drive the car well. If you're modded, it depends on the mods. If you approach the car with a plan, and gear accordingly, your results will be as perfect as the original ride. If not, well, you'll be spinning through the traps at the wrong RPM to fully utilize the engine's power curve. As an example, a 5.0 Cobra has better heads and intake as well as different tuning and a slightly different cam, although it has more power, its power band is still perfect to push the car through in 3rd gear with 3.08s, thus, Ford left the "lower performance" gearset in there. However, throw a set of 1 5/8" shorty headers on it, put a better flowing exhaust such as a full MAC 2.5" (H-Pipe [with or without cats] and Catback), put an E-303 and you'll need a 4.38 gear set to run the quarter correctly, so the best way to make that combination work is the to either get the big gears or just put in a 3.27:1 gear set and run through in third: 1.34x3.27=4.38. The combination is so incredibly important.