Sum up is that for most 250 Falcons, 3.23:1 gears are best. For the Cortina 250, 2.92:1 gears are best.
Why?
Other aspects rule out just using the formula noted above. Unless you go for very wild head mods, or a very high, unstreetable cam, forget getting any more than 195 hp out of the engine. Radical cams in Fords produce issues with stress on the timing chain and camshaft.
With 1200 kilograms (2645 pounds) and, hopefully, about 195 hp at 5000 rpm, and maximum torque of 245 lb-ft coming in at 3600 rpm. Peak revs are about 5400 rpm or so.
The quarter mile time would then be (with a 90 kg person), about 14.9 seconds at about 90mph if everything was geared right. Close to the lightest 5-speed manual XR6's did with a 162kw engine in 1993.
At 90 mph, the car should be geared to run through the traps at 5400 rpm or so. Past the peak power rpm by about 5% or so.
The 225/60 13 tyres most people run on Cortinas gives about 588 mm tall tyre loaded, and about 600 mm unloaded. The given 2.92:1 diff gives an rpm of 38.0 km/h for every 1000 rpm the engine turns. At 5000 rpm, thats 190 km/h actual.
At 145 km/h, that is only 3815 rpm in top, or with an realy close ratio 4-speed, thats about 5000 rpm in third. (Third is about 1.31 or so, and is there for doing 29.0 km/h for every 1000 rpm.
The 2.92:1 diff that's in it is close to ideal.
A cross-check is that at 100 km/h, the engine is turning over at 100/38 km/h = 2632 rpm. Good enough for a nice cruise. I sure wouldn't want to go for 3.23 gears.
Remember, Falcons have taller wheels. in most cases, the Falcon will work best with 3.23:1 gears, the Cortina 2.92:1. The ratio difference is 10%, the size difference in tyres is 10%.
The three speed will be worse with the 2.92:1 gears. You'd have to have a 4.11 Nissan Pintara crown wheel and pinion diff in it to make it work, and it'd be then doing 3700 rpm on the highway...way too much.