I believe it's generally in the ballpark of 1/4 mile per pound, but I'm not sure. You're also not going to want to run it for prolonged periods of time as pressure can fluctuate and heat in the engine can get a little crazy. If you're looking for cheap strip fun, I say go for it. If you're just wanting to try to replace a supercharger, you'll never get that.
I personally wouldn't go steeper than 3.55s for many reasons:
1) Fastest 0-60 and 1/4 of all gears for mildly modded 4.6 3v
2) Reliability. You want to keep it. Staying at high RPMs all of the time isn't very good on the car long term.
3) Fuel economy. If you drop 10% mpg, that's setting you that much further back from FI
4) Traction. Good luck keeping any street tires planted with 4.10s, FI or not.
5) Shifting. Even with 3.31s, I've walked off and left multiple 4.10 cars simply because of how much time they loose shifting.
If you're looking for cheap power, throw on a nonintercooled Paxton 1200. $4000 for everything, whereas, you're looking at having over a grand in a wet nitrous system after figuring in bottle openers, bleed downs, and heaters (not to mention around $50 a pop to fill the bottle), a grand in a gear install, fuel economy loss with gears,.... You're over halfway there to gain next to nothing.
I'd only advise nitrous if you're stripping it. A 100 shot will run with a supercharged 4.6 all day long in the 1/4, but never on the street. Gears, no more than 3.55 for street or strip. Either way, I'd save for FI.