Doing a bit of research, it looks like that by the end of the 1970s a few teams (Brabham, Mclaren,...) were already using 6 speed gearboxes and then in the mid 90s I believe the FIA allowed teams to run a minimum of 4 and a maximum of 7 forward gears and of course we are now up to 8 forward gears.https://www.formula1.com/en/championshi ... arbox.html ...The rules stipulate that F1 gearboxes must consist of eight forward gears (the ratios having been selected ahead of the season) plus reverse, and although this may seem like a large number compared to a road car, it allows the teams to use the same transmission at low-speed Monaco as at high-speed Monza.
I was wondering if we went back to a 5 speed gearbox whether the fact that the engine would have to use a wider rev range to reach a given speed, would give another dimension to help differentiate the power units. So for example if one of the engine manufacturers had produced an engine that had less peak power but had a wider band of power delivery or was less 'peaky' in its power delivery and was therefore more drive-able (much like the V8 Renault engine was rumoured to be).
There may be some other added benefits to having fewer gears to choose from, as choosing the right ratios for a given track is more challenging as the fewer gears you have will mean you are likely to have to compromise more on your selection. Maybe the cars would even sound better if they used a bit more of their rev range!
I think you'd have to let the teams have a freer reign in selecting ratios during the season for the reasons stated in the quote above, so more cost but are there any other down-side to reducing the number of forward gears the cars have?