Am I towing too much weight?

We pulled a TT about that size with our '97 F150 with a 4.6 and the trucks tongue was dragging on the ground from panting on every hill. My wife likes the truck so we got something else to tow with so we wouldn't kill it.

Lets get the engine correct. Ford never had a 4.7. I assume it's a 4.6?

In my experience, the closer you get to the rated capacities of the tow vehicle, the more unpleasant it is to tow. Can you tow this trailer? Yes. Should you tow it more than a few hundred miles or though mountains? You can but you won't enjoy it.

And welcome to the forum!

The ones I have driven the small blocks can barely get out of its own way empty. No, not a good match IMHO.

For a 12 year old truck with a very small V-8 that is quite a task to ask of it for any length of time. JMO