You are correct, 3:55 in 57 with 3 speed. Even if you had 4:11, which I ran for many years on the street with my 6 motors, you would be able to get way more than 45 mph. Just to be complete, it almost sounds like you are shifting from third into second. So. sitting in the drivers seat, pulling the stick toward you and down is first, up to the middle, push away at the middle and up is second, straight down from second is third. You and I are on the same page correct? From here, I would borrow a tachometer if you don't own one, and hook it us so you can read it while driving. Watch your rpms when you shift, the shift point in particular for first to second, and second to third. Then figure out whether you get into third, hit 45mph and then see if the rpms keep rising but the motor does not keep pulling. As the others have said, may be a bad clutch, slipping or oil coated or something. You should actually smell the clutch burning/over heating if that is the case. You could also crawl under the car. There is an inspection pan under the bell housing. Its four small bolts, or sometimes screws. Pull the cover and see if there is a lot of black smelly crud in there. Usually a good sign that you have a clutch headed south. The other thing that comes to mind is that some trucks had a governor installed on them, and the parts houses of the day also sold aftermarket governors as a mileage booster. Not having seen a picture of your motor and carb no way to tell but certainly a possibility (very remote)