Back when we decided we needed a bigger horse trailer than our bumper pull, my wife dragged me around to all her horse loving friends to see what they had as tow vehicles. The bulk were 454 Chevys and 1 460. Somewhere on the way home she asked if I'd learned anything.
Me: "Well, we visited 6 places where they had Chevies with 454s, did YOU notice anything?"
Her: "What are you talking about"
Me: "5 out of 6 engines were in the shop because they blew up. So did the lone Ford"
We got a diesel. Weight would likely be an issue for a diesel here, plus having to find a tranny that would stand up. No clue what weight you're dealing with, but given the age, I'd drop a new drive train in it. Or at least do overhauls before you do anything else.
Still got the diesel. AND the bigger brother when my wife overbought the next trailer.
BTW: my late younger son was a Ford trained mechanic and HE wouldn't buy a currently built Ford V8.