Actually, given your TH-350 NOT having an overdrive, and your rear tire size of 295/50/15, this setup with the 2.73's will act like an overdrive.
My Malibu has a final drive ratio of 2.61 when the TH-700R4 shifts into fourth gear. I swapped my 2.29's for a set of 3.73 I got for free when my cousin parted out his S-10.
For your intended "just a daily summer driver with probaly 60+% city driving", you can get away with it, but it would fare better on the highway than what you have now.
Like Poncho said try for a little higher ratio, or you could use the 2.73's and drop a tire size or two to give the same effect.