Yes thats exactly what it would do. It gives you more power to the tire (more revs per tie rotation). Your top end suffers but you become quicker. I would not suggest putting 4.88's in a stock sized vx. Maybe 4.56's? Not sure how much of an improvement it would be though? You will have a higher rpm when on the highway so gas will suffer. I would say Isuzu put a lot of work into selecting the 4.30 gears for it, but when you mod it to make it bigger the gears need to change to keep the stock acceleration.
Here is a gear table scroll to bottom
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