Seyser,
You can certainly do that if you want to, but with that size engine you will lose a significant amount of pulling power on the low end, like when starting from a stand-still. The 350 doesn't have much low end torque to begin with, either. Also, cruising at high speeds at a lower RPM, you will find you are constantly down-shifting when going up even the slightest hill or hitting a head wind to compensate for the lack of torque.
I have had a 350F and a 400F, and can definitely say the hardest part in the beginning was getting used to the high revs, but these bikes were made to cruise around town at above 4K rpm, and don't even get into their power until about 6K. They were geared to exactly match their power output and any changes will result in a noticeable compromise on one end or the other.