I have 37" tires on my Bronco - two seasons of rock crawling and no problems yet. I have a 9" axle in the rear with 31 spline chromoly shafts. Up front I have a Dana 44 with chromoly shafts and CTM u-joints. I've got 4.11 gears front and rear, an NP435 and stock T-shift D20. My final crawl ratio is just under 70:1, and having just completed the Rubicon trail, its plenty slow. The only times I found myself wanting lower gears was in a few very steep, technical downhill descents. Uphill, crawling through rock gardens, traversing the slabs, etc.. no problem. I do run a very heavy flywheel behind my (carb'd) 351w. The engine will lug way down, even as low as 250rpms and just keep going.
I am sure if I was hard on the throttle and got into lots of situations where I'm subjecting the drivetrain to shock loading (hopping, etc), I might have problems... but for my driving style, I have not had any issues where the drivetrain didn't hold up.
Maybe its the low end torque my engine produces, but on-road driveability is no problem with 4.11 gears. My Bronco actually gets up and moves pretty well from a dead stop, even with the 37s. I wouldn't actually want lower axle gears - I can cruise all day long at 65mph spinning 2500 RPMs. If/when I go with lower gears, they will be in the transfer case.