When I started looking at front axles, I was set on a 44. After doing lots of wheeling, research, cycling suspension, and listening to others, I came to the conclusion that a properly built HP (or LP) Dana 30, with a selectable locker and 4340 inner 30 spline shafts, would hold up extremely well with 35" tires. It also wouldn't have the weight or interference issues associated with a larger 44 housing.
As for the 5.38 gears, the difference between 5.13 and 5.38 at 70 MPH, with a 35" tire, is only 116 RPM. Hardly enough to make any difference with the 42RLE. If it helps, I ran 5.13 gears in my LJ, on 35s, for almost a decade with no issues. At this point, I'm waiting on an Eaton eLocker. When it gets here I'll start building my own HP30, with 5.13 gears. FWIW, buying a 30 spline locker, 5.13 gears, master install kit, yoke, and 30 spline inner shafts, I'm still under $1900. This will give me an axle I can rely on for whatever I'm going to do, at an affordable price!