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I towed a 1992 Jeep pickup behind my 95 F150, 4x4 auto with 3.32 gears and 103k the other day. And when I got home i smelled burnt tranny fluid. Not a terrible smell like when the truck doesnt move anymore?
At the least change the tranny fluid and filter and get the burnt fluid out. Your tranny should be fine after that. I don't know how far you towed that Jeep but if it was short distance you should be fine. If it was a longer distance (say 75 miles or more) you might have roasted some of the internal pieces of the tranny. Either way after you change the filter and fluid keep an eye on it. One thing that strikes me as odd though is your 3.32 gears. I thought Ford used eiter 3.08 or 3.55 ratios in the rear end. I could be wrong though oh well.
What condition is the fluid in, Dark brown?, bright clear red? does it smell burnt? If smells burnt or dark brown, get it changed soon, along with the filter. You may be able to save it. If bright clear red, look for a leak. It may just be dripping on the cats from the edge of the tranny pan.
If you plan on towing anything heavier than a small fishing boat, I would get rid of those 3.32 gears and get at least 3.55's, better yet would be 3.83's That will reduce the load on the tranny, And for Heavens sake, don't tow in overdrive. Thats a big no-no with any 4 speed auto tranny.
You probably haven't fried it yet but, you will if it doesn't have an aftermarket transmission cooler on it. The Ford units are notorious for stopping up. Install an aftermarket cooler in front of your radiator and completely by-pass the factory unit. Your transmission will Thank You!
Leaks? Also when was it changed last? I had a 93 that I thought had nice clean red fluid (judgeing from the dipstick) in it until I changed it, they ran a little into a can and poured a little new fluid in it for comparison, could very very easily see the how cruddy the old fluid looked with the new oil pooling up on top of it. Not terrible but enough to know it was time for the flush. If you don't know if it has never been changed (very common) at 103K by all means do it now!