I have almost the identical combination to you. I used my 2000 F150 5.4 4x4 to tow our new (to us) Jayco Featherlight 29y (30-ft, 6800lb loaded) the first summer we had it. The truck had about 85k on it then, and wasn't my daily driver at that time (it is now). On paper, all was good. I dialed in the weights with the WDH, and we set out on our summer of camping.
Did it get us there? Yes.
Was it a pleasant experience? No.
Would I do it again? If I had to, and only then, not happily.
We have a Reese WDH with a friction sway control. Even with the sway control locked-down tight, I still got pushed around a fair amount. I never had any times where I felt out of control, and was white-knuckled a bit in heavy semi traffic on the freeway, but it was never a relaxing trip.
The next summer, we upgraded the tow vehicle to a 2010 V-10 Super Duty. Had I known how much better it would tow the trailer, I wouldn't have suffered through the first summer with the F150. The Super Duty is downright pleasant to drive pulling the trailer. Same trailer, same hitch (I think I tweaked the head angle one notch to account for the longer wheelbase of the truck), same sway control; night-and-day better towing experience. The drive is downright relaxing now. No concerns about insufficient brakes, I don't get blown around by passing trucks, and the rig is downright planted. I do, on occasion, get pushed around a bit in heavy crosswinds, but we're talking 30-40mph gusts that would blow the truck about unloaded too. It'll drag that trailer all over town all day long and never break a sweat.
In terms of power, the F150 had a tough time holding overdrive at 55 or 60 on the flat lands. Any mild hill caused it to drop out of OD, so on the west side of Michigan, I spent a lot of time screaming in 3rd gear.
The V-10, by comparison, still needs to drop a gear or two from time to time, but the tow/haul mode makes short work of it, but the added ponies help it hold the higher gears a lot better. Mileage while towing is about the same (9-10), but the available power is night-and-day by comparison.
Good luck!
