In reality i doubt you will see much difference between the two in non towing MPG. It sort of depends on what truck you thing you will get. The V8 diesels dont start making power until much higher RPM. Thats one reason GM only offers the 3.73. The 3.4 ratios are for economy and with the double OD transmissions now days it is hard to justify anything other than those two.
But!!! My dually has 4.10 rear end ratio and I have a hard time thinking anything different would help me. I have seen as high as 12.5 towing across the high desert of SE Oregon pulling 13,500 pounds. Same truck traveling between Lakeview and Klamath Falls I got 18.5 hand calculated unloaded. And that is not the flat lands of the Iowa. With my truck I can run all day with the cruise control on. Something I have doubts I could do with a 3.42 rear end. At the end of the day you have to make the best educated guess you can. Basing it on what percent of the time and where you are towing VS non towing. Where you are located, personally I think I would pass on the 3.42 and go at minimum 3.73.