I put 3.73s in my 5 speed. It has its ups and downs. Def great for off the line and stop light to stop light racing. With the low gearing in first, you don't have to really pull hard off the line and let the clutch out aggressively to really get moving.
I do a LOT of city driving, and my city mileage has gotten better.
If you have a well built motor with a lot of top end and a good rear that can handle the abuse and hook up, it would probably be a lot of fun.
But, being stock, my car does wind out a little fast considering I don't take it past 5K RPM. Would def. be too much for a stock or mild sc for the 1/4 mi.