First, I wouldn't run 35" tires with a stock Dana 35 axle in the rear. That axle just isn't strong enough for 35" tires, at least not if it is stock.
That said, as one running 35" tires with the same engine & transmission you have, 4.88 isn't even enough gear... I wish I could afford to trade my 4.88 gearing for 5.38. The engine lugs too often with even 4.88.
But with your D35 and D30 axles, 4.88 is as low as they can be geared so definitely go to 4.88. Don't even think about 4.56. Or better yet. regear to 4.88 & run 33" tires which is ideal for that ratio & your Dana 35 rear axle will thank you.