Well considering Randy's Ring and Pinion makes em all the way up to 5.38 depending on the D30 you have, I'm going to have to say that yes you can change your gears to 4.88.
As for that D35. Take it out to a field somewhere and stick a little C4 to the side of it and blow the piss out of it because that is the most fun you'll ever get out of that D35. Replace it with a Ford 8.8, D44 or what ever.
The split in carrier sizes is between 3.54 and 3.73. So one carrier will fit 3.54 and numerically lower gears and the other will fit 3.73 and numerically higher gears.