Why do I find only F100 specs for 79? (says 83 was switch to 150...)
I see an 'up to' 3960# towing spec and (no engine / tranny mentioned)
Ford F100 Specifications | eHow.com
There are Ford Truck Forums that will be able to answer this better.
I have a friend that tows all over with his 300 ~ 1990 f150 (airstream tandem ~ 20 ft = HEAVY but good towing).
If you are Shortbed (as implied)
be VERY careful on downhill / turns and it is EZ for trailer to STEER a pickup STRAIGHT by pushing your rear wheels off the road (On tight corners). BEST to use the trailer brake BEFORE even considering hitting your vehicle brakes, BE ADVISED (same on wet / icy roads... use trailer brakes to do the steering. ) With a shortbed, you will probably want a tandem axle trailer, as single might make you a 'see-saw' on partitioned interstate highways (concrete with expansion joints)
Be aware of 'Whip / amplification'; trailer sway at speed or slowing down.. USE TRAILER BRAKES FIRST... Lets don't make a mess. Always leave 2 - 3x the following distance and ALWAYS go slow downhill (hint... there is something BEHIND pushing, and IT wants to go STRAIGHT AHEAD !!!
Towing can be pretty stressful to engines.
Personally, I would do some research and consider adding an oil cooler to engine. They are REALLy cheap ($100) for benefit. BUT do it right (use coupling fittings and PRESSURE / Hydraulic hose and crimped fitting. NOT barb and screw clamp. ) Braided stainless lines are even better (and be sure your low oil indicator works in case you even pop break a line)
Yes, if you have a truck 4 spd (granny low) you will be fine.
I ALSO run synthetic oils in engine and Tranny, and differentials. FULL synthetic is VERY good lubricity and HIGH heat tolerance. I use Amsoil 15w -40 HD Diesel oil in all my applications (except early diesels that don't like it, or old gas engines that leak.) I only change 1x / yr, but give it a qt and fresh (HIGH quality) filter every 5k. (Baldor, Fleetguard, Wisk...)
Clutch fan on radiator wil be another PLUS for towing, and free some HP.
Weakest link will proabably be your rear Axle / 3rd member (not 'floating' is in a 3/4 ton). Just be REALLY cautious NOT to over load in REVERSE (or be in 4wd). Up steep hill, stuck in a bog, backing into something.../ Reverse motion forces the pinyon away from ring and can stress / break / disengage the housing / gears.
I think you will be fine, BUT please be VERY careful and LEARN from a pro... / old timer. Escapees Travel club offers classes.
Towing is ez and fun, but far more dangerous (tricky) than most folks realize.