Top fuelers have 8000HP and spin at 7500RPM. Thier rear end ratios and tires are spec'ed in by the NHRA rulebook, if they want to go faster they have no choice but to spin faster. They can't just drop the ratio or put a taller tire.
Some things to consider:
A Mustang 5.0 and Hyndai Tiberon have a similar power to weight ratio, but the Mustang does the 1/4 a full second faster. Anyone wanna guess why?
HP can win over torque, but when you make alot of HP over a very small RPM range it's easy to get out of range. Torquey engines tend to have reletively flat curves that let them pound down the torque for a very long time.
Example:
A 180HP 2700LB Celica GTS (6 speed) makes 130LB/ft peak at about 6800RPM and does the 1/4 in low 15's.
A 230HP 4200LB Dakota (5 speed) makes 295LB/ft peak at about 3500ROM and does the 1/4 in low 15's.
The 1500LB advantage is completely lost by the fact that the power band is so narrow that it gets lost when compared to the (reletively) mile wide curve that the Dakota has. When it comes to street starts, the Celica gets creamed by virtually everything (even cars in it's class) because of the lack of torque. By the time it gets to it's sweet spot the race is over.
But gearing can keep a car in it's range! That's why they have 6 speeds on cars like that. Not because they enjoy the insane overdrive ratios that the Corvette, Viper, and F-bodies have (calculated theoretical redline in top gear speeds are often above 250MPH vs. 140MPH).
So you have a car with a 100RPM wide power band, you get a slick 8 speed transmission, you enter races that have starts that are above 30MPH. To avoid being slowed down by the shifts you get a sequential clutchless transmission. GREAT! Now you're fast!
Then the bill comes in the mail. In the form of the guy beside you with a torquey "low tech" engine. He had the same budget. He got a beefy 4 speed manual for 1/10th the price of your trick transmission, the rest of his money went into an engine program that made a 358 small block chevy push 925HP and spin upto 9600RPM (yes, I do know someone that had an engine like this). And he has money left over.
So how do you win?
The rulebook.
In comes intake restrictions that odviously favor the smaller+lightweight setup, minimum weighs are kept very low so light weight torquey setups cannot exist.
In comes a debate:
If a 800HP Indy car came to Bristol w/ an extra 1800LBs on board, could it beat a NASCAR car? Could an Indy car's engine be placed in a NASCAR chassis and be competitive?
My view:
Torquey engines will win when wide powerbands are required and minimum weights aren't featherweight. They will also win when the budget comes into play.
High reving engines work when budgets are near limitless and speeds are kept high.