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Assuming you are not hauling anything in that 1-ton, how about switching to a lighter duty transmission and rear end from say, a wrecking yard mustang? There may be taller factory 5th gears and R&P's available if you selectively mix-n-match. Your FE would surely benefit from light duty parts and the lower parasitic lossses, when compared to the huge gear contact areas and hypoid contact patch the F350 parts have.
The other way to look at this... heck, is it's your hobby! Golf green fees are getting up there, fishing requires a boat... spend that same dough on an overdrive unit to prove a point with your truck (afterall, if you were just after a cheap commute, an F350 wouldn't be anyone's first choice) I say dam the cost, look past the paper calculation and go for it if you can afford it.
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