Towing in overdrive is a bad idea. 4th is the only gear in the trans with no gear reduction whatsoever. The input shaft locks to the output shaft for a gear ratio of 1:1. Therefore, there is no side load on the bearings in the trans and therefore, very little wear and very little internal resistance. The whole idea is that you want to AVOID overdrive while towing. 4.10's put me in the 3,400 RPM range at freeway speeds, which is above the 4.0's peak torque range, and higher than I want to run mine for extended periods.
As far as clutch life goes, I disagree with the idea that 3.07's will wear them out prematurely. With higher gears, you actually do LESS shifting while driving in town. Less shifts = less clutch wear and also less wear on the synchros in your trans. Yes, it takes a bit more clutch to get moving, but I doubt this causes enough additional wear to be overly concerned with.
Run what you want to run. Just don't act like it's your way or the highway. 3.07's worked great for me, and apparently they work great for him. If you are any good with a stick and have a little patience, they work great. Better mileage and longer transmission life will be your reward. Yes, if you run HUGE SWAMPERS you will need more power and gears. But maybe the gear ratio isn't the problem, the horsepower is. Instead of throwing out 500-600 bucks on a new set of gears, turbo the 4.0L. Get a little Chrysler turbo at a junkyard, read some books, and fab! Build a stroker! Get smaller tires! Gears aren't always the answer. I now step down from my soapbox.
BTW - once I had a 14 bolt sitting in my driveway.
Jared