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I'm pretty sure I know the answer... but I've got to put it out for the world to comment on.
I have a 2003 F350 with a 5.4 Triton, downside is I also have 37 in tires. I've done no mods yet because I think I didn't buy enough truck. I'm needing to tow a boat/trailer that's about 10k pounds. I'm pretty sure that I can pull it over flat land with no probs, I know the chassis can support the weight, the tongue weight wouldn't put me over on the rear axle weight....but would I have enough torque to get the boat out of the water at the launch in 4w lo?
I realize that this is about 2500 lbs over the gcvw, what the truck is rated for - so lets not go down the should you argument lets stick with the can you do it.
I think I have plenty of truck, just not enough hp and torque.
A 5.4 pushing through 37" tires won't have very much power left at all. Low range should give plenty of power to pull out, but it will take a lot of power anyway.
Tall tires are the worst thing for towing.... Not to say it can't or shouldn't be done, but they hurt more than anything else.