Cummins12V98 wrote:
I will bet you have "P" LOAD RANGE TIRES. Change out to "E" load range tires and inflate based on weight plus 5 psi rear and 10 psi fronts.
This was going to be my suggestion. Air bags will stiffen up the rear suspension, but not improve any of the underlying issues with having a truck that isn't heavy enough. Soft tires that come OEM on most half ton trucks will give you the majority of your squirm feeling.
If you have E rated tires and are aired up to make the sidewalls pretty stiff, air bags could help stiffen up the feeling of the suspension, thus giving you a better feeling during towing.
If you have the F150 with max HD, you should have an already a stiffer suspension and probably E rated tires. I'm not sure if you have max HD (weight carrying) or max towing package based upon your initial post.
In terms of helping with mileage... not a chance. The $300 or $400 cost of the bags, plus any installation, would be better spent on buying a hundred gallons or so of gas.