Steve,
The power is the same wound over the top or over the bottom. Unless you are letting your M37 down a steep hill, the larger loads are when you are winding the cable in. The difference in top and bottom wind would be which worm gear bearing cap was getting most of the load. There is an Allen set screw tha holds the cable in the drum and you can change which way the cable will wind on the drum. The set screw is just to keep the cable in place so you can start the wind. If you were letting your M37 back down that steep hill, the cable would pull out of the set screw starting hole when you got to the end. ~ Typically, the cable winds in on the bottom of the winch drum. This tends to lift the front end of the truck and help the tires out of the hole you have gotten your self in. Back in 1968 when I got a winch for my M37, I was the heaviest 4x4 wandering around in the Forest. If I got stuck, mere jeeps, broncos and Toyota's could not pull or winch me out. I wound up being the rescue 4x4 and I was winching others out. That and the fact I had seen several M37's with winch bumpers bent back into tires, caused me to use a solid bumper and to wind over the top. This causes my front end to pull down and load my tires better so I don't winch myself to the other vehicle, but they come to me.