I drove many types of trucks over the years, from dump trucks to tankers to whatever. Try to think of it as an overdrive on an automatic. My automatic in my 1 ton bus is a 4 SP auto ( 1,2,3 gears and "D"). When heavily loaded, or when towing, I take it out of (over)Drive and put it in 3. This holds my time between shifts and the engine revs higher, producing less speed, but more power.( around 8-9 mpg) Under normal, everyday driving with just me and some supplies in it, I leave it in (over)Drive for better fuel economy, less power and more speed, though I rarely run it over 62-65 mph, and get about 13 mpg.
Your truck is the same idea, only done manually ( with the button) by you instead of by a computer controling the transmission. Those 700's were pretty tough. With that split rear end, I could leave the gravel yard with 7 ton of gravel in the dumptruck pulling a 24' dual axle 'beavertail trailer with a full sized ford backhoe on it. For your purposes , I would leave it in high range most of the time, unless you are pulling long, steep grades in the rocky mtns or appalachins, or you run it fully ( over)loaded most of the time.