Actually you can have both with modern overdrive transmissions. You have the third gear direct drive with 4.10's for heavy pulling, And 4th gear with lockup converter which is about a 20% overdrive, giving you around a 3.30 final drive ratio for light load cruising.
Expect that 8 liter engine and 6000 pound truck to make about 10-12 mpg empty and 6-8 mpg pulling a medium load (15-20,000 pound load.)
The 8.1 is a heavy built big block Chevy, tough engines. I hear some had a thirst for oil which was caused by leaky intake gaskets sucking engine oil from the lifter valley. Replace the gasket and oil consumption went away.
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