Originally Posted by DirtyD
I know this. Bit gearing changes how well the power/torque from the motor is transferred to the ground, this giving a higher reading. It accounts for drivetrain lose. That's why a weak car with 4.10a can hook like hell, but still fall on its face up top.
Give me some credit, Steve. 
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Gearing simply just moves the powerband around. If a car doesn't make enough horsepower to use a steep gear, it's going to fall on it's face like you are saying, however it's not going to manipulate a dyno as you think it will.
As for 3.31 vs 3.55, there is almost no difference between the two gears at all. I've got a 3.31 car, you and I could race and we'd be shifting at the same times providing traction is not an issue.