Olds 48, some of the problems I see with trying to gear that high a gear number is that you may have problems with traction at the start, depending on the converter you use.
Also these high number gears are a little weaker than their lower number counterparts, due to the smaller diameter pinion gear, less teeth on the gear to spread the load.
In my opinion it is always better to find the best gear, convertter, tire and suspension settings to get your best 60' and not be so concerned about what rpm the car crosses the 1/8 at.
Crossing the line at the 1/4 mile is more of a concern as, by that time air resistance is slowing down the acceleration plus you dont want the motor to run out of breath before the finish line.
With a healthy torky motor like it seems you have , and running a th400, you may have traction issues running 5.83s, even with the 33 tires.
These types of gear ratios were used back in the days of modified production type racing, heavy 3600 lb camaros with motors less than 283 cids, and 4-speed trannys, just to help get the car moving.
These cars were something to see, and hearing those small blocks singing at 10000+ rpm at the line was something ....