4.88s will run either 33s or 35s. With a 3.4, you should be happy with either. With a 2.7, I would lean toward 5.29s for either.

I am running 5.29s in my 3.4-powered 35-tired 87 4Runner, and do not feel the gearing is too 'short' (despite the fact I expected to be wishing for 4.88s when I did the swap...). Works well. But I am also at a mile high, which has an effect!

I do think 5.29s with 33s with a 3.4 would be a bit too short however.

-Bill
'87 4Runner w/ '96 5VZ-FE, 'Red Chili II'
'97 Taco XtraCab 3RZ-FE, 'BlackBean'
TLCA # 13257, Rising Sun 4x4 Club Land Use Coordinator
"He who stops being better stops being good." -Oliver Cromwell