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A re-gear will definitely help. However, with that high of a ratio, I wonder if you have a 7.5 rear axle. Post the axle code from the door jamb sticker and I can decode it for you and tell you what axle you have, if you don't already know.
id go with a 8.8 rearend also, its more common and could possibly have bigger bearings,
only down side is the bolt pattern aint quite the same size...
Assuming it's factory...it should be a 7.5 behind the 2.3L and 3.0L, or an 8.8 behind the 4.0L.