You did not indicate the payload. Also, you have not identified the year and rear axle.
The year will make a difference because of the transmission - 4sp or 6 sp. If newer and 6sp, the determining factor is the rear axle - 3.08 or 3.42.
I did tow a large, heavy trailer with a 5.3 6sp and 3.08. I towed it less than 50 miles. It did fine, as it was not hilly.
I have also towed with 5.3 6sp and 3.42, and a 4.3 V6, 6sp, and 3.42. All were able to tow my trailer the short distances. I did not tow any into large hills or mountains.
