Hey Mike,
DV's right about the ratios. The 3.08 is great on the freeway but unless you've got a granny low, you'll be dissppointed if you still try to use it as a truck (heavy loads or pulling trailers). Even though the granny will get you away from the curb, your torque just about dissappears in 4th gear. This is a mistake I have made myself.
Chevy made 3.38 rear ends on the 60-62 trucks. Their axle code MB and ME according to the Chevy Assembly manual. Not sure what the difference is between MB and ME axles. The book says for 60-61 MB and ME axles went in all C10's. However, in 62, the MB is listed as the shortbed rear axle and the ME is listed as the long bed rear axle. I've got no idea why.
Switching from a 3.90 (which was the other ratio available for the 60) might not be as simple as replacing the ring and pinion, you might have to replace the carrier as well. I know this is the case with the 3.08, but you should double check to make sure if you want to keep your axle housing and just replace the gears.
Hope the info helps.