First off 8mpg is good!
Second yes going to 4.30's will let you stay in O\D on some hills. And you will get better mileage. I went from 3.73-4.30 on my V-10 X and it was the best move I made. No longer does it stay in 3rd (all the time!) It also gets .5mpg better because the RPM in O\D is lower than what it was in 3rd with the 3.73's. The engine just doesn't work as hard because the 4.30's make each of the 4 gears more efficient.
Take it from those of that have done the gear swap that you will be very happy you did it! There are a few members here with 5.4's that have done this gear swap and are very happy and impressed with the results!