I'll let others talk about weight issues.
The 7.3 engine is a great engine for reliability but it does have some minor problems.
#1 The lack of intercooler hurts this engine. (this can be fixed)
#2 The lack of HP really hurts this engine. (this can also be fixed)
#3 The crank sensor can be problematic. (again, this can be fixed)
It all boils down to where and how you are going to tow. If you are going to tow on the flats most of the time a stock HP engine will be fine. If you are going to tow in the mountains I would want more power or you are going to be down to around 20 to 30 MPH on steep mountains with a 10K+ trailer.
I would install an intercooler, put more fuel to it and get a new spare crank sensor. I would also think about beefing up the tranny. They were on the week side during these years and if you add some power you will do it in that much sooner.