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No problem at all. You could run 4.88's with with stock tires all day long!! They aren't THAT low...... If you have a 5 speed....it would basically make your 5th gear the same ratio as your current 4th gear.
Yeah you'll be good, with a 1:1 ratio, 38" tires, and 4:88 gears your rpm should be around 2800 at 65mph. Keep in mind that's a 1:1 ratio, so if you have overdrive it should be around 1900-2000 rpm at 65mph.
4200 rpm is nothing. It has a rev limiter, and the automatic is going to shift anyway before it hits that, regardless of whether you have it "locked" in a low gear or not. I wind my stick to at least 5000 when I'm in a hurry.