As others have posted, you should be fine. I used to have a '96 Town Car (also on the Panther platform) I towed with. Although I towed a trailer weighing nowhere near what you are proposing, I don't doubt it is possible with you GM. Our TC was rated to tow 5,000 lbs. I would encourage you to upgrade the brakes to hearse/limo brakes, just to be safe. Although my mechanic said it was a waste of money, I felt a huge improvement in stopping ability (which improves safety) even when not towing.
I regret "upgrading" to the Dodge Dakota, which replaced the TC for towing. The Town Car towed better than the pickup, was more comfortable, and had more doodads. I believe it was LBJ who said "driving in a Lincoln is like driving in your living room"... So true.