Um 3.58's (or your mathematical equiv) aren't even that numerically high of a gear. Where does your logic in saying they aren't useful for on-road operation come from? Heck I see people running 4.10's in allot of cars with similar 5th gear ratio's and are just fine with it. Did you get 4.58 and 3.58 mixed up or something? 3.58's aren't that big at all especially with a small V6 like the LS has or even the tiny/torqueless V8 that the LS has either.
I have also never seen a Ford 5 speed transmission that didn't have 4th as being the 1:1 and 5th as overdrive. Just like the fella that just posted above me; I would like to know where you got your information from? Looks like the M5 221 tranny has the 1:1 at 4th gear, not 5th gear.
Most Getrags 5-speeds used by BMW in the late 80s and early 90s were non-overdrive in top (do a search for getrag 262CR). This lowers noise and wear in that the countershaft is not used on the highway. I still think a non-overdrive top with a suitable axle ratio is the way to go.
As for the LS I defer to the Ford Press releases for the car
http://media.ford.com/products/presskit_print.cfm?vehicle_id=65
Which states
Gear Ratios
V-6 Auto (1st - 5th) 3.25, 2.44, 1.55, 1.00, 0.75
V-6 Manual (1st - 5th) 4.23, 2.53, 1.66, 1.22, 1.00
V-8 Auto (1st - 5th) 3.25, 2.44, 1.55, 1.00, 0.75
Axles
V-6 Auto 3.58
V-6 Manual 3.07
V-8 Auto 3.31
Early manuals had the 3.31s (so I have heard).
After 2003 they all had 3.58 (but again I've been told they don't swap because the cases are different)
The non-overdrive top is why I said the 3.58 would be unsuitable for a street vehicle. While 4.11 were around in the 60s with non-overdrives trans they were not the best vehicles for highway use. A 3.58 with the non-overdrive top gear would be equivalent to using a 4.77 with the automatic transmission LS when cruising down the highway. As it is the 3.07s are the same as an automatic using 4.09s (3.07 divided by the 0.75 top gear on the automatics).
Again if you have the 3:31, I think you have the best ratio around for the 5-speed LS. I've been told a V-8 will not swap in easily because the case is different (iron rather than aluminum).
I have the 3.07 and just make use of 3rd gear for most two lane passing, which takes me from 4000 rpm (at 60) to 6700 (at 100).