If you're constantly driving below about 20 mph on loose surfaces (15 mph if you have a Rubicon), 4Low is a good option.
Otherwise 4Hi is also fine at anything faster than about 10 mph. It won't hurt anything to drive it slower in 4Hi unless you start lugging the engine as you power through deep sand, obstacles, or steep inclines.
If you can keep the engine at at least 1500 RPM on flat ground or 2000 on deep sand or inclines, either range is fine. You wouldn't want to exceed about 3000 RPM for an extended period of time.
4Low is only really required when you need additional control, such as driving over obstacles like rocks, large logs, etc. or where you need extra torque, like when you get or are about to get stuck in the sand.