The transmission has only certain ratios available. Your basic goal is to downshift, but ultimately it doesn't make a lot of difference when descending (from a mechanical point of view) whether you do that via tow/haul or via manually selecting a different gear. I would generally use tow/haul, both going up and down, as it's a well-designed and well-implemented system and I believe it does alter some things other than just shift points for heavier use (mainly in the interest of reducing transmission temperatures).
It is basically impossible to get the engine to overrev on a modern vehicle with a computer-controlled automatic transmission and electronic ignition/fuel injection/engine controls. The computer won't let it downshift if it would cause too high of an engine RPM. The V10 does sometimes sound like it's about to thrash itself to death when it's running at a high RPM, but it is perfectly capable of running there all day; it's a high-revving engine (by truck engine standards).