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still I vote bumper pull. It's an F150, not a freakin diesel. You can haul some amazing things with an old half ton and a regular flatbed. 5th wheels are just so much extra gear and not really nesccesary unless you're hauling over about 10,000#.
.... And if you go by your factory rating of 4900lbs, you will only be able to tow a very small car, because most trailers you get are going to weigh close to 2000 lbs. If you had 3.55's or 3.73 gears, the tow rating would be much higher, and there would be less strain on the transmission.
That trailer of mine weighs 1500lbs (680kg), so that would give you a 500lb payload increase over that. The extra weight involved in a gooseneck trailer would deduct from your overall carrying capacity. I agree, the diff ratio should be lower, especially if you have o/d already.
I have both types of trailers, and while the towing aspect of having a goose is better, it is expensive by comparison and costs additional weight. I personally recommend the bumper pull for the PO just based on what his needs are. If he wanted to get heavy, then goose all the way, but he isn't looking to do much more than probably 5000# load.
I like the versatility of a bumper hitch, as I can swap tow vehicles as needed, while a goose has to have the hitch in the bed only, so limits which vehicles get hooked to it. I realize not everyone has multiple trucks and such to use, but should you want to replace your truck, which is easier to find on a vehicle, a bumper hitch, or gooseneck hitch? Which is easier and lower cost to install, or even find used? Most goose hitches also require the bed floor to be cut, so for someone who wants to keep the sheetmetal un-molested, a bumper hitch is the best option. I can't disagree with the better pull of the goose, but it isn't practical for everyone. I do fully agree with an axle change, but I have a 3/4 ton truck with 3.08, 351W, and a ZF, it tows fine. No power house, but it gets the job done. I would also have to add a goose hitch to it to be able to hook one up, and then beef up the springs.... it is a little wimpy in comparison to our other trucks with the goose hitch as far as load capability goes, so it remains without.
I would not go with a gooseneck trailer. Its overkill for what you want. I have a pullbehind bumper style trailer and use my 94 F150 with a 5spd and 300 and have pulled many cars and tractors and other junk on it without a problem. Not only is it going to be cheaper but you wont have a trailer thats to big for your truck. I wouldnt pull a gooseneck with anything less than an F250. My truck and trailer empty weigh a little shy of 10K lbs and my truck pulls it fine.