You have a point, Cees. Someone once described first gear on my car (was 4,08) as being suitable only for towing large caravans up Swiss mountain passes. He had a point, too.
The change to the 3,46 has made a huge difference, but I do miss the more spirited driving of 3rd gear and the old diff. However, I think on balance the whole package is better with the 3,46 for me, as I tend to do longer drives. My friend with a Mk 1.5 E Type, (straight 6, 4.2L (I think)) seriously leaves me standing now. That wasn't always the case.