If I had another ranger/explorer/sport trac with 35's I would want 4.88's without a doubt.
Had 4.88's with 33's on the sport trac, and it was a touch on the low side, 4.56 would have been perfect for that setup.
I didn't do much long highway (or fast highway) trips then so it worked great for me. Still was fine at 70+ but I never saw more than 14mpg from it. Never saw more than 14mpg from my 98 ranger with 3.73's and 33's though either.