Hah! Ok, so while that's a pretty accurate assessment, it's not the whole story.
The original ratio and tire size was not necessarily arrived at for fuel economy. The new ratio might not be either then.
A lower ratio (higher number) will certainly give you more power, but only actual use by the current owner (you) will tell the tale of fuel economy.
If an automatic, I say keep the 3.50's until you've driven it.
If a manual, pretty sure you'll appreciate the 4.11's, but I'd still drive it first.
Whether the change is worth it to you, depends on how you would otherwise have spent the $600 to $2000 dollars on your EB.
Yep, you could source cheap or even good used gears, new bearings and seals and such, for between $130 to $400 or so. Then shop the labor around and if you have a buddy that does it you're gold. But if you pay a shop for it expect to spend at least another $500 to $600 or so.
But THEN(!), then it's all about whether you choose to add lockers/limited-slips or other enhancements under there. Some good gears, name brand parts, and ARB's will easily set you back $2000 or more.
As for "worth it" in fuel, how long would it take you to get all that back at maybe a 1 mpg improvement?
As for grin factor and performance, well, that's a whole nuther story. More power is rarely a bad thing.
Paul