Scott,
My grandfather had both an L and a K. I can say that the L cruised comfortably at 50-55mph, and probably couldn't stop from anything much faster than that.
The 1931 K was much faster and more refined. It was really twice the car in so many ways. I believe it was quite comfortable at 60, but I didn't really drive it as much as the L. The K has much better brakes and steering though.
All that being said, I would really love to have that 1930 L back. It was Grandpa's and my favorite.
I would agree with you that an overdrive is the way to go. Check out Gear Vendors Overdrive. They are in California. They specialize in supplying overdrives to all types of cars, especially big Classics. They are very knowledgable and will talk to you about your application and make appropriate recommendations. Their website is www.gearvendors.com
I have a Borg Warner overdrive in my 29 L and it works fine. However, make sure you have room to stop. I have a 33 KA that I was going to put a Mitchell overdrive in, but never got the torque tube worked out from the Mitchell Manufacturing company.



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