I bought new a 93 F150 RCLB 2wd 302 w/ 3.55LS & now have a 93 F150 RCSB 4x4 300 5spd w/ 3.08. I used both to tow the 18 ft bass boat I've owned for the last 12yrs & hands down, the 302 pulled it way better, got better fuel mileage doing it & would pull the boat up the ramp w/out any problem. The 300 won't get out of it's own way w/ the trailer in tow & I feel like that if I don't lock it in 4wd low when pulling up the ramp, the clutch will burn up. That is my $.02 worth from my experiences.
93 F150 XL 4x4, new ride
95 F150 Lightning #1308, totalled
93 F150 XLT LB, Sold!