Tire height acts like a gear. Switching to taller tires is like decreasing the gear ratio in your axles (like from 3.42s to 3.23s). The opposite is true for switching to shorter tires. It affects the total drive ratio , which means all gears are affected. It does not change the total power the engine puts to the ground, just at what speeds the power occurs.
Installing 4.10s in place of 3.42s makes many people think they gained a lot of power. The "feel" changed, but the power didn't, you just changed the power and speed relationship. Power is torque times rpm with the 5252 used as a conversion factor to get the units correct for curvilinear motion. For example, in a stock truck with 30.6" tires with 3.42s in 1st gear at 25mph is turning ~2900rpm where the 5.3 is making approx 320 lb-ft of torque (320x3.06x3.42 = 3,350 ft-lb turning the driven tires at 25mph). With 4.10s, at 2900rpm in 1st gear you are moving at 21mph (320x3.06x4.10 = 4,015 ft-lb to the tires at 21mph)... you are still making the same engine torque (@ same rpm... power!) through a slightly different total drive ratio, just at a lower speed, so you "feel" much more oomph when you give it throttle. Simple leverage. At the drag strip this will lower your times simply due to having the engine hover around the peak horsepower rpm for a longer period between the start and finish lines.
With 30.6" tires and 3.42s, at 75mph you should turn 1970rpm in OD. Switching to 31.9" tires drops this to 1890rpm at the same speed. The end result is +4% change in TDR. If they were available, you could install 3.56 gears to return to your original TDR.
Google search for gear calculators and knock yourself out playing with them. See how different gear ratios and tire sizes affect your gear/rpm/speed relationships.
