Hello Hank,
Well fabric utilization is OK and module output is also seems OK but the only thing that is noticible is giants packets
0 runts, 10000 giants >> could be caused by oversized packets
Total output drops: 1385749
Queueing strategy: fifo.
I have gone through few links and it is suggested not to configure hold-queue. just pasting that statement.
Note: Never increase the output queue in an attempt to prevent output drops. If packets stay too long in the output queue, TCP timers can expire and trigger retransmission. Retransmitted packets only congest the outgoing interface even more.
I will advise to go through below link for probable solutions.
http://www.cisco.com/en/US/products/hw/routers/ps133/products_tech_note09186a0080094791.shtml#topic4
Regards
Mahesh