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Check your owners manual for that. I remember something about that on one of my trucks in the past. If it says to keep it off I would, and I used to, except long downhill grades where engine braking wasn't needed. Trust the folks that design these things as extensive testing tells the story.
I had a 99SD with the 5.4 and 4:10 gears. Seems the only time I would tow out of O/D is when I was hauling 16 to 25000 pounds of grain in the wagons ...