No its too low a ratio for a V8.
V8 should have a 1:00:1 transfer box. it it original or factory? if so leave alone its ok. If not, where did you get the gearbox from? and what transfer box did you fit and where was it from?
Once these are answered we can decide what transfer box you have ratio etc and then advise. I suspect if you have the original transfer box then change it for a RR LT230 from a V8 which will be 1.00:1 opposed to a 1.4:1 fitted to a 4 pot diesel