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The 5.8 towing thread reminded me, so I thought I'd post this. I gave my 95 F-150 with a 5.0 and 5 speed quite a workout last week. Took a 300 mile round trip to pick up a 78 F-150 4x4. It did great going down with the empty trailer. Got 14 mpg and had plenty of power. Coming back was really not as bad as I was expecting, power wise. It was mostly flat with probably 45 miles of moderate hills. I took it easy, stayed in 4th gear, and averaged around 62 mph at 2500 rpm most of the way. The hills pulled it down quite a bit, never enough to downshift to 3rd though. I had about a 20 mph headwind coming back. Got 9 mpg.
It's for sure not something I'd want to do much at all, but I don't think I hurt anything. Next time I'll probably use the 79 with a 400 for a load that big. It had a couple little bugs I didn't have time to mess with before this trip. It usually gets 10-12 mpg unloaded, probably not much worse loaded.