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A friend of mine has the same truck model as yours. He just installed a 4" lift kit and replaced his wheels with the same size. He mentioned that the engine really suffered due to the bigger wheel size. So I guess better look or get a smaller size of wheels to avoid any power lose.
I used to have a 4.9 I6 2wd. My guess is it would be a bit much for the engine, however, I would be more concerned about the tranny handling it. I never enjoyed it for towing, I know that.
im running 31" and my 4.9 does fine but then 33" are a bit bigger. and i think these trucks have 3:55 gears so 4:11 might be better. to bad you dont know someone with a jeep and 33" tires that you could swap to see the difference.