With all the bottom-end grunt of a 390 I'd think a 3-speed would be a great choice. An abundance of gears really are not needed with that much torque.
As an example, Chevy successfully ran and raced their 2-speed automatics for years.
In my old 4-speed 289 GT/CS I considered 2nd gear pretty much a waste of time. It was good for getting out of the snow, though.
Since the car could reach nearly 60mph in 1st I could easily skip 2nd & go straight to 3rd if I wanted to. 3rd was the fun gear and 4th was just the gas mileage gear.