Your tach is clearly off, mine's off on my 84 2.5L Auto and it's showing 4500 at 65mph.
The auto behind the 2.8L wasn't an overdrive auto, so I'm pretty sure that 4th gear you're counting is just the torque converter locking up.
You can easily calculate the RPMs you're acutally pulling based on your tire size and differential gears.
Our 84 2.5L Auto is using the 3.73 gears. So with 225/75/15 tires on it, it's turning about 2750 @ 60mph.
To figure this, you may be able to just look up the revolutions per mile (tirerack has this for BFGs at least, maybe other tires as well, but you're just looking for ball-park numbers anyway), that's the rpm at 60 for the tires, then multiply by your rear gear ratio and that's the RPM in 3rd gear with the torque converter locked up.
If you've got an overdrive of some sort, multiply by that ratio as well.
Edit: If the tranny is slipping you should feel it revving without accelerating.
Other questions are whether the transfer case or differential have been changed out, are you really going 45 when it says you are ? Presumably you're close or you'd have noticed.
Can you borrow an aftermarket tach and wire that in temporarily to verify how far off the factory one is ? Also where does your tach sit when you shut it off, is it at 0 or is it up around 1500 ?