The standard final drive ratio for the GT500 was a 4.1 to 1. Harry says in his book that many private road users changed that to 4.4 to 1.
The gearbox ratios were exactly the same as those used in the Lotus Cortinas hence the tall first gear.
As for the Jack Murray speed quote, Harry doesn't say specifically but, they used to measure the cars over a given distance down Conrod during practice and the race so I suspect this is what he is referring to when he says the car "was measured at 118mph"
Like you, I've always wondered about many of the cars over the years given their gearing and factory rev limits. I can't imagine many would like part throttle at or near the redline either. That's asking for something to put a dent in the bonnet or create an air conditioned sump.
I did exactly the am thing with the '66 VW at Bathurst and found the same results. Then again, it wouldn't surprise me if PD got the gearing wrong. It certainly wouldn't be a first! Some of the cars in GT6 aren't even in the ballpark!
No apology required mate
👍