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I drove this truck almost 200 miles yesterday and it performed flawlessly minus the ridiculous fuel consumption. Whew! she can dang sure drink some gas....might have to change the 4:11's to 3:54 or something to try and help gas economy....anyone thing that would make any serious difference?
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I wouldn't try to talk you out of a rear axle swap, if that's what you really want. However, you might want to consider a manual overdrive transmission before you commit.
IMO, the O/D gives you more flexibility in addition to improved fuel mileage and less engine noise. You get to keep your original axle ratio for when you need it to tow a trailer or climb hills. Then you still have the option of the taller O/D gear for use when you are running light. Also, installing the O/D tranny can be less work/expense than a rear end swap, especially if you have to set up new gears in your present axle housing or pay someone else to set them up.
I replaced the factory SM420 in my "non-GMC" pickup with a T-5 and have been more than pleased with the results. My truck is not a show queen. It gets used as a truck, and used hard when the situation requires it. The T-5 has been in the truck for almost 10 years now and has never given me any trouble.
Ray