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since your profile doesn't say what year or engine you have, it's hard to say if that's a good idea or not. if it's a stock mid-70's low HP smog motor you're lugging it and will destroy the engine. Never lug a motor.
I have a LT1 T56 with .5 OD, 3:55 rear, similar results. I still have 60 psi oil pressure at those RPM and I don't go deep into the throttle so I'm not worried about engine damage, main bearings take the brunt, but with 60 psi I'm confidant the oil wedge is there.
I'm with you guys about lugging an engine. The current combo in this '72 is a modified L31 (first gen Vortec), Viper T56 (.75 fifth, .5 sixth, modified to bolt up to GM) with a 3.55 ring and pinion. Although I don't normally drop the rpm below 1400, it will accelerate smoothly from 1200 rpm in top gear on level ground. It's kind of funny how fifth gear at 70 (2370 rpm) feels peppy when you drop down out of sixth.
A friend and I put about 140 miles on the car last weekend (GPS odometer to track miles traveled) and came up with 20.2 MPG. The area was hilly and we were dropping back into fifth a lot. We weren't racing but there was no effort to maximize mileage either.