Revving an engine over the max power rpm, sometime make a big sense!
Remember that the acceleration is comin from the torque, so you have to analize the torque curve of the engine, not the power curve.
If I well remember the gear ratio of a TH350 is 2.52 - 1.52 - 1
The step between first and second gear is 40% so you will have 40% less torque at the wheels in second.
If the torque of the engine at full power is more than 40% lower that the torque after the shift.... you don't have to shift!
For example let analyze this engine (a tipical 383 with 450Hp)
Max power is @ 5500 rpm
Max torque is @ 4500 rpm
If you will shift (first to second) @ 5500 rpm the engine will drop to nearly 3300 rpm (40% drop).
Torque @ the driveshaft before the shift is some 1108 lbs/ft (440*2.52)
Torque @ the dirveshaft after the shift is some 700 lbs/ft (460*1.52)
Analizing again the torque curve is easy to notice that the max torque is some 480lbs/ft @4500 rpm. The theoretical best shift point should be where the engine have some 290lbs/ft of torque....... well over the max permitted rpm.
Different thing if you have to shift from second to third with a drop of ratio of 35%....
As much drop you have between gears, as much you have to rev you engine before to shift.
This is why with a close ratio gearbox your average torque at the wheels will be higher.
Hope this help....