realistically its not (what you would want). Mathmatically yep, works in theory.
3.73 and 33"s is like having 3.08. maybe less... serious 4.10 is the highest you are going to want to go with 33"s, 4.33 would be IDEAL gas milage/power.
i ran 32"s on 3.27... even the gas mileage was horrible. I get better milage with 4.56
what you guys need to think about...
when you put bigger tires on your stock ratio your engine is going to strain a lot more; strain = excessive gas consumption. Putting a lower ratio in works exponentially, you put bigger tires and you're not only getting a higher output ratio you are also putting more weight on the drivetrain.
The gears only make up for the ratio adjustment. the engine has to make up for the rest. going a step up in ratio helps offsets the added weight of the tires, to where it seems like the engine is working 'stock again.'
but only running 31x10.5"s street tire you wont really notice. 32x11.50"s MT's you will begin to notice big time.